Mon, Dec 05, 2022 @ 01:41 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1159; (P) 1.1247; (R1) 1.1408; More

Intraday bias in GBP/USD remains on the upside as rise from 1.0351 short term bottom is in progress. Further rally would be seen to 61.8% retracement of 1.2292 to 1.0351 at 1.1551. Strong resistance could be seen around 55 day EMA (now at 1.1614) to limit upside on first attempt. On the downside, below 1.1023 minor support will turn intraday bias neutral first.

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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