Thu, Mar 23, 2023 @ 11:23 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1965; (P) 1.2027; (R1) 1.2091; More

Intraday bias in GBP/USD remains neutral at this point. With 1.1888 minor support intact, further rise is mildly in favor. Above 1.2089 will target 55 day EMA (now at 1.2236). Sustained trading above there will pave the way to 1.2405 resistance and above. On the downside, below 1.1888 minor support will bring retest of 1.1759 low instead.

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 1.2986).

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