GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2469; (P) 1.2514; (R1) 1.2540; More

GBP/USD’s break of 1.2429 minor support argues that rebound from 1.2154 has completed at 1.2666 already. Intraday bias is back on the downside for retesting 1.2154 low. Firm break there will resume larger down trend. Next target is 61.8% projection of 1.3297 to 1.2154 from 1.2666 at 1.1960. For now, risk will stay on the downside as long as 1.2666 resistance holds, in case of recovery.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2999 support turned resistance holds. On resumption, next target is 1.1409 low.

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