Sat, Feb 04, 2023 @ 09:12 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2111; (P) 1.2160; (R1) 1.2236; More

Outlook in GBP/USD remains unchanged and intraday bias stays on the upside for retesting 1.2445 high. Decisive break there will resume whole rally from 1.0351 to 1.2759 fibonacci level. On the downside, however, break of 1.1840 will resume the correction to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

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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