Daily Forex Analysis – GBP/USD
The GBP/USD pair is currently exhibiting a downside bias in its Intraday Analysis. The ongoing descent, originating from 1.3145, is targeting the 1.2079 Fibonacci level. A breakthrough above 1.2373 could alter the intraday bias to neutral and lead to consolidations. However, the near-term Daily Forex Analysis still predicts a bearish outlook as long as the 1.2622 resistance level remains intact, even in the scenario of a robust recovery.
The broader Daily Analysis indicates that the reduction from the 1.3145 medium-term peak is perceived as a corrective phase to the ascending trend that commenced at 1.0355 (the 2022 low). A further plunge is anticipated to the 38.2% retracement level at 1.2079 of the range 1.0355 to 1.3145. It is presumed that this level would witness substantial support, inciting a rebound on the first approach. Nonetheless, a consistent break below 1.2079 could enhance the possibility of a bearish reversal, setting the target at 1.1805, the next structural support level.
In this scenario, each nuanced shift in the GBP/USD pair becomes a crucial element in forming intraday trading strategies, deciphering whether the prevailing trends in the currency pair have the propensity to undergo substantial alterations or continue in the set trajectory.
Analysis Summary
The GBP/USD Daily Forex Analysis indicates a prevalent downside with a focus on 1.2079 Fibonacci level. While a climb above 1.2373 could lead to neutral intraday bias and consolidations, a steadfast drop below 1.2079 could mark a potential bearish reversal, targeting 1.1805 next.
Key Points
- GBP/USD Intraday Analysis reveals a persistent downside towards 1.2079.
- Break above 1.2373 may initiate intraday consolidations.
- Sustained descent below 1.2079 could signal a potential bearish reversal.
