Fri, Jan 27, 2023 @ 11:52 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2262; (P) 1.2353; (R1) 1.2457; More

Intraday bias in GBP/USD stays on the upside for the moment. Current rally from 1.0351 should target 1.2759 medium term fibonacci level next. For now, outlook will stay bullish as long as 1.2205 support holds, 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 1.1644 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.

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