GBPUSD Outlook
GBP/USD Daily Outlook
GBP/USD's break of 1.3339 support argues that rebound from 1.3139 has already completed at 1.3557 already. The corrective pattern from 1.3867 is extending with another falling leg. Intraday bias is back on the downside for 1.3139 support. On the upside, above 1.3394 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 1.3867 are a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
GBP/USD Daily Outlook
Intraday bias in GBP/USD remains neutral for the moment. Further rally is expected as long as 1.3339 support holds. Above 1.3557 will target 1.3657 first. Firm break there will bring retest of 1.3867 high. However, break of 1.3339 support will dampen this bullish view and bring deeper fall back to 1.3139 instead.
In the bigger picture, price actions from 1.3867 are a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
GBP/USD Daily Outlook
No change in GBP/USD's outlook and intraday bias remains neutral. Some consolidations could be seen below 1.3557, but further rally is expected as long as 1.3339 support holds. Above 1.3557 will target 1.3657 first. Firm break there will bring retest of 1.3867 high. However, break of 1.3339 support will dampen this bullish view and bring deeper fall back to 1.3139 instead.
In the bigger picture, price actions from 1.3867 are a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
