Mon, May 29, 2023 @ 21:04 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.1209; (P) 1.1297; (R1) 1.1357; More

GBP/USD’s decline is still in progress and intraday bias stays on the downside. Current down trend should target 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next. On the upside, above 1.1349 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.1737 resistance holds, in case of recovery.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) is probably resuming long term down trend from 2.1161 (2007 high). Sustained break of 1.1409 will target 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as 1.2292 resistance holds.

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