Thu, Jun 24, 2021 @ 03:54 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3758; (P) 1.3800; (R1) 1.3882; More

GBP/USD’s break of 1.3917 resistance suggests that correction from 1.4240 has completed at 1.3668 already. Intraday bias is back on the upside for 1.4000 resistance first. Firm break there will confirm and pave the way to retest 1.4240 high. On the downside, below 1.3808 minor support will turn bias to the downside to resume the correction instead.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.

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