Thu, Jun 24, 2021 @ 03:19 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3848; (P) 1.3872; (R1) 1.3909; More

Outlook is unchanged and intraday bias in GBP/USD stays neutral for the moment. On the upside, break of 1.4008 should reaffirm the bullish case that correction from 1.4240 has completed. Further rise should be seen back to retest 1.4240 high. However, break of 1.3668 will extend the correction from 1.4240 with another falling leg.

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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