Fri, Aug 12, 2022 @ 21:41 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2225; (P) 1.2279; (R1) 1.2320; More

Intraday bias in GBP/USD stays neutral as sideway trading continues. Outlook stays bearish as long as 1.2666 resistance holds. On the downside, break of 1.1932 will resume larger down trend from 1.4248. However, firm break of 1.2666 will suggest medium term bottoming and bring stronger rebound back towards 1.3158 support turned resistance.

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. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.3140).

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