Fri, Jan 27, 2023 @ 05:32 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.1911; (P) 1.1987; (R1) 1.2029; More

Intraday bias in GBP/USD remains neutral for the moment and consolidation from 1.2152 could extend further. Further rally is expected with 1.1777 support intact. Break of 1.2152will target 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288 first. Sustained break there will pave the way to 1.2759 medium term fibonacci level.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.

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