GBPUSD Outlook
GBP/USD Daily Outlook
GBP/USD's fall from 1.3675 resumed after brief consolidations. Intraday bias is back on the downside. Decisive break of 1.3272 support will pave the way to retest 1.3139 low. For now, risk will stay on the downside as long as 1.3399 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.3867 are a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
GBP/USD Daily Outlook
GBP/USD dipped to 1.3325 but quickly recovered. Intraday bias stays neutral first. Upside of consolidations should be limited below 1.3473 support turned resistance to bring another below. Below 1.3325 will target 1.3272 support. Decisive break there will pave the way to retest 1.3139 low.
In the bigger picture, price actions from 1.3867 are a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
GBP/USD Daily Outlook
Intraday bias in GBP/USD remains neutral at this point, and some consolidations would be seen above 1.3334. Upside should be limited below 1.3473 support turned resistance to bring another below. Below 1.3334 will target 1.3272 support. Decisive break there will pave the way to retest 1.3139 low.
In the bigger picture, price actions from 1.3867 are a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
