Daily Forex Analysis: GBP/USD
In our Daily Forex Analysis of GBP/USD, the short-term outlook remains tilted to the downside. A decisive dip below the 1.2478 level could fast-track the pair’s decline towards the critical 1.2278 target. However, a rally above 1.2588 would switch the intraday perspective to neutral.
From a broader lens, our Daily Analysis suggests that the ongoing decline from the 1.3143 medium-term high is likely a corrective phase within the bullish trend that originated at 1.0353, the lowest point of 2022. A more substantial drop may be in the cards, aiming for the 1.2077 level, which is a 38.2% retracement of the rise from 1.0353 to 1.3143. While this level could offer robust support and trigger a bounce, the medium-term perspective will remain cautious so long as the 1.3143 resistance cap remains unbroken.
Analysis Summary
Today’s GBP/USD Intraday Analysis points towards a downside risk with potential acceleration if the 1.2478 level is broken. While longer-term views are corrective but bullish, the 1.2077 mark emerges as a significant support to watch.
Key Points
- Short-term downside risk, eyeing 1.2278 target
- Medium-term rebound likely at 1.2077 support
- 1.3143 serves as a critical resistance cap
