Tue, Jan 31, 2023 @ 16:22 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2375; (P) 1.2459; (R1) 1.2504; More….

Intraday bias in GBP/USD remains neutral and outlook is unchanged. As long as 1.2587 resistance holds, further decline remains mildly in favor. Below 1.2334 temporary will target 1.2065 support first. Firm break there will confirm completion of rebound from 1.1409 at 1.2813. However, break of 1.2587 will dampen this bearish view and bring retest of 1.2813 high instead.

In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.

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