Fri, Dec 09, 2022 @ 06:49 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1766; (P) 1.1862; (R1) 1.1961; More

GBP/USD is still bounded in consolidation from 1.2028 and intraday bias remains neutral at this point. Further rise is expected as long as 1.1644 resistance turned support holds. On the upside, break of 1.2028 will resume whole rise from 1.0351 to 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288. However, sustained break of 1.1644 will bring deeper fall to 1.1145 support instead.

In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759.

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