Thu, Mar 23, 2023 @ 11:55 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2057; (P) 1.2121; (R1) 1.2222; More

Intraday bias in GBP/USD remains on the upside at this point. Rebound from 1.1759 should target 1.2405 resistance first. Firm break there will target 1.2666 key resistance next. On the downside, break of 1.1962 minor support will turn bias back to the downside for retesting 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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