Tue, Feb 07, 2023 @ 05:17 GMT

GBP/USD Weekly Outlook

GBP/USD rise from 1.0351 continued last week and met target of 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288. Further rally is expected as long as 1.1898 support holds. Sustained trading above 1.2288 will target 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 1.1644 resistance turned 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.

In the longer term picture, as long as 1.4248 resistance holds (2021 high), long term outlook will remain neutral at best. Down trend from 2.1161 (2007) could still resume for another low through 1.0351 at a later stage.

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