Tue, Dec 06, 2022 @ 16:26 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1272; (P) 1.1420; (R1) 1.1505; More

Immediate focus is now on 1.1644 resistance. Decisive break there will resume larger rise from 1.0351. Further break of 1.1759 support turned resistance will carry larger bullish implication and target 1.2292 resistance next. On the downside, break of 1.1145 support will turn bias back to the downside for retesting 1.0351 low instead.

In the bigger picture, fall from 1.4248 (2018 high) is part of the long term down trend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, firm break of 1.1759 will confirm medium term bottoming, and open up stronger rise back to 55 week EMA (now at 1.2330).

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