Wed, Apr 14, 2021 @ 16:32 GMT
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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3781; (P) 1.3850; (R1) 1.3898; More

GBP/USD’s sharp decline now suggests that recovery from 1.3669 has completed at 1.3917. More importantly, whole correction from 1.4240 is still in progress. Intraday bias is back on the downside for 1.3669. Firm break there will target 1.3482 resistance turned support next. For now, risk will remain on the downside as long as 1.3917 resistance holds, in case of recovery.

In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. Decisive break there will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

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