Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 30-MAY-2023

GBP/USD Daily Analysis


The intraday bias remains neutral in our GBP/USD Daily Analysis, signaling a pause above the temporary low of 1.2310. As per our daily update, a further decline is anticipated, given that the resistance level of 1.2472 holds. The drop from 1.2682 is interpreted as a correction of the upward trend starting at 1.0355. Breaching the 1.2310 mark could potentially aim for the 1.1805 cluster support, which equates to a 38.2% retracement from 1.0355 to 1.2682, settling at 1.1793. However, if the pair ascends above the minor resistance at 1.2472, the bias could return to a robust rebound.

Looking at the broader perspective in our GBP/USD Daily Analysis, the rise from the medium-term bottom of 1.0355 is expected to extend, provided the 1.1805 support stays resilient. A sustained breach of the 61.8% retracement from 2021’s high of 1.4252 to 1.0355, calculated at 1.2763, would bolster the long-term bullish trend reversal hypothesis. On the contrary, a solid break below the 1.1805 mark would signal rejection by the 1.2763 resistance level, precipitating a deeper decline, even if it’s only a correction.

GBP/USD Daily Analysis Summary

To summarize the GBP/USD Intraday Analysis, the intraday bias is currently neutral, with a further decline expected unless minor resistance is surpassed. As per our daily update, the long-term perspective is bullish, provided significant support levels hold firm. Traders should monitor the intraday analysis for potential rebounds or declines.

  • GBP/USD’s intraday bias is neutral, with a further decline expected unless it surpasses the 1.2472 resistance
  • The long-term outlook for GBP/USD is bullish if the 1.1805 support level remains intact

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