Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 31-JAN-2023

GBP/USD Daily Analysis

Range trading continues in GBP/USD, and intraday bias remains neutral. On the downside, a firm break of 1.2252 minor support will turn bias to the downside and extend the corrective pattern from 1.2445 with another falling leg. On the upside, a decisive break of 1.2445 will confirm the resumption of the rise from 1.0351. The next target will be 1.2759 Fibonacci levels.

In the bigger picture, the rise from the 1.0351 medium-term bottoms is at least correcting the down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. The next target is a 61.8% retracement of 1.4248 to 1.0351 at 1.2759. A sustained break there will pave the way back to 1.4248.


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