Fri, May 07, 2021 @ 13:01 GMT
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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2981; (P) 1.3014; (R1) 1.3038; More….

No change in GBP/USD’s outlook. Intraday bias stays neutral with focus on 1.2967 minor support. On the downside, break of 1.2967 will turn bias to the downside for 1.2865 support. Decisive break there will revive the bearish case that rebound from 1.2391 has completed at 1.3381. Near term outlook will turn be turned bearish. On upside, above 1.3176 will retain the bullish case and target a retest on 1.3381 high next.

In the bigger picture, medium term decline from 1.4376 (2018 high) halted and made a medium term bottom after hitting 1.2391. Rebound from 1.2391 is seen as a corrective move for now. In case of another rise, strong resistance could be seen around 61.8% retracement of 1.4376 to 1.2391 at 1.3618 to limit upside. On the downside, break of 1.2773 support will suggests that such corrective rise is completed and bring retest of 1.2391 low first.

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