Fri, Feb 03, 2023 @ 16:46 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2094; (P) 1.2202; (R1) 1.2364; More

Intraday bias in GBP/USD stays on the upside as rally form 1.0351 is in progress. 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288 is already met and there is no sign of topping. Sustained break there will pave the way to 1.2759 medium term fibonacci level. On the downside, break of 1.1898 minor support is needed to indicate short term topping, otherwise, further rally will remain in favor in case of retreat.

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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