GBPUSD Outlook

GBP/USD rose to 1.3502 last week but retreated since then. Initial bias remains neutral this week first. Further rise will remain in favor as long as 1.3271 support holds. On the upside, above 1.3502 will extend the rise from 1.3135 to 1.3675 resistance next. However, firm break of 1.3271 will argue that the rebound has completed, and bring retest of 1.3135 low 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.

In the long term picture, as long as 1.4248/4480 resistance zone holds (38.2% retracement of 2.1161 to 1.0351 at 1.4480), the long term outlook will remain bearish. That is, price actions from 1.0351 are seen as a corrective pattern to down trend from 2.1161 (2007 high) only. Nevertheless, decisive break of 1.4248/4480 will be a strong sign of long term bullish reversal.

Intraday bias in GBP/USD is turned neutral first with current retreat. Further rise will remain in favor as long as 1.3271 support holds. On the upside, above 1.3502 will extend the rise from 1.3135 to 1.3675 resistance next. However, firm break of 1.3271 will argue that the rebound has completed, and bring retest of 1.3135 low 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.

Intraday bias in GBP/USD remains on the upside. Rise fro 1.3135 should target 1.3675 resistance next. On the downside, below 1.3395 minor support 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.