Wed, Feb 01, 2023 @ 05:41 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2094; (P) 1.2202; (R1) 1.2364; More

Intraday bias in GBP/USD is turned neutral first with current retreat. But further rally is expected for now. Break of 1.2309 will resume the rise from 1.0351 to 1.2759 medium term fibonacci level. On the downside, however, break of 1.1898 support will indicate short term topping. Bias will be back on the downside for 55 day EMA (now at 1.1693).

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. Sustained break there will pave the way back to 1.4248.

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