Tue, Jan 31, 2023 @ 16:57 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3224; (P) 1.3318; (R1) 1.3390; More

Intraday bias in GBP/USD remains on the downside at this point. Sustained break of 55 day EMA (now at 1.3181) should confirm another rejection by 1.3514 key resistance. Deeper decline would be seen back to 1.2675 support next. On the upside, above 1.3324 minor resistance will turn intraday bias neutral first.

In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3308). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.

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