Tue, Jan 31, 2023 @ 16:51 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3237; (P) 1.3279; (R1) 1.3303; More….

Intraday bias in GBP/USD remains neutral for consolidation below 1.3350 temporary top. Downside of retreat should be contained by 1.3109 resistance turned support to bring rise resumption. ON the upside, break of 1.3350 will will target 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. Sustained break will pave the way to 1.4376. However, break of 1.3109 will turn focus back to 1.2773 near term support.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will turn focus back to 1.2391 low and then 1.1946.

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