GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2040; (P) 1.2123; (R1) 1.2255; More

GBP/USD is staying in consolidation above 1.1932 and intraday bias remains neutral. Outlook stays bearish with 1.2666 resistance intact. On the downside, sustained break of 61.8% projection of 1.3297 to 1.2154 from 1.2666 at 1.1960 will extend larger down trend to 100% projection at 1.1523 next.

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 1.2666 resistance holds. On resumption, next target is 1.1409 low.

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