Thu, Feb 09, 2023 @ 06:44 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2216; (P) 1.2257; (R1) 1.2307; More

No change in GBP/USD’s outlook as range trading continues. Intraday bias stays neutral for the moment. Further rally is expected as long as 1.1898 support holds. Break of 1.2343 will resume larger rally from 1.0351 and target 1.2759 medium term fibonacci level next. However, firm break of 1.1898 support will confirm short term topping and turn bias back to the downside.

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.

Featured Analysis

Learn Forex Trading

Supply and Demand Trading

Defining A Great Trader

Risk/Reward Ratio