Fri, Dec 02, 2022 @ 19:30 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0971; (P) 1.1052; (R1) 1.1181; More

GBP/USD’s recover and break of 1.1178 minor resistance argues that pull back from 1.1494 might have completed at 1.0922. Intraday bias is back on the upside for 1.1494. Break will target 61.8% projection of 1.0351 to 1.1494 from 1.0922 at 1.1628. On the downside, below 1.0922 will turn bias back to the downside for 1.0351 low instead.

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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