Tue, Dec 06, 2022 @ 10:47 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2295; (P) 1.2337; (R1) 1.2415; More

Intraday bias in GBP/USD remains mildly on the upside as rebound from 1.1986 continues. But still, such rise is seen as the third leg of the consolidation pattern from 1.1946. Thus, we’d expect strong resistance at 1.2774 to limit upside and bring down trend resumption eventually. On the downside, below 1.2188 minor support will turn bias to the downside for retesting 1.1946 low.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

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