GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0381; (P) 1.0655; (R1) 1.0962; More

GBP/USD is staying in consolidation above 1.0351 temporary low. Intraday bias stays neutral first. While stronger recovery cannot be ruled out, risk will stay on the downside as long as 1.1404 support turned resistance holds. Break of 1.0351 will resume larger down trend towards parity next.

In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.

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