GBP/USD Intraday Analysis
Our Daily Forex Analysis for GBP/USD suggests a current neutral intraday stance. Should the currency pair decline below the 1.2622 thresholds, consistent trading beneath the 1.2682 mark, which has transitioned from resistance to support, implies a potential broader correction. If such a scenario plays out, the currency pair might target the 1.2310 support next. Conversely, a resolute breach above the 1.2821 minor resistance can signal the end of the recent retracement, setting the stage for a more potent upward rebound.
Diving deeper into the Daily Analysis, we see hints that the medium-term peak might have already been established at 1.3145, underscored by a bearish divergence in the MACD. The ongoing trading activity below the 55 EMA, currently at 1.2729, fortifies this perspective. If this downtrend persists, it could lead to a substantial decline targeting the 38.2% retracement level of 1.0355 (reached its low in 2022) to 1.3145, pinpointed at 1.2079. This movement can be seen as a correction from the upsurge starting at 1.0355. Nonetheless, any rise will remain cautiously bearish unless the 1.3145 resistance is convincingly surpassed during a notable rally.
Summary
The GBP/USD’s Intraday Analysis points to a neutral position. A sustained decline below 1.2682 hints at a broader correction, while an ascent past 1.2821 signals bullish momentum. The larger picture indicates a potential medium-term peak at 1.3145.
Key Bullet Points
- The current focus is on GBP/USD’s 1.2682 support-turned-resistance.
- Potential medium-term top identified at 1.3145.
- Bearish sentiment was reinforced by the 55 EMA at 1.2729.
