Daily Forex Analysis – GBP/USD
In today’s Daily Forex Analysis, the GBP/USD intraday outlook highlights an immediate focus on the resistance level at 1.7889. A decisive break beyond this point would indicate that the recent correction, which bottomed out at 1.6649, has reached its end. Should this occur, we can anticipate an upward surge past 1.7064, targeting the projection level at 1.7379. Conversely, a downward break of 1.6649 will likely prolong the current correction phase.
Taking a step back for our Daily Analysis, it’s evident that the pair’s upswing from its 2022 low of 1.4283 remains intact. The medium-term objective now stands at the 1.7379 projection level, calculated as a 100% extension of the rise from 1.5256 to 1.6787, anchored at 1.5848. As it stands, the sentiment will remain bullish unless the support at 1.5848 is compromised, even if a significant pullback materializes.
Analysis Summary
In our Daily Forex Analysis, GBP/USD is hovering near the 1.7889 resistance. A strong break could catapult the pair towards 1.7379, with the overall sentiment remaining bullish from its 2022 low of 1.4283, as long as 1.5848 support holds.
Key Points:
- Immediate focus on 1.7889 resistance for GBP/USD.
- A bullish outlook remains as long as 1.5848 support is intact.
- The next medium-term target is 1.7379.
