Thu, Feb 02, 2023 @ 17:00 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2084; (P) 1.2177; (R1) 1.2225; More

Intraday bias in GBP/USD stays neutral and further rally is expected as long as 1.1898 support holds. Above 1.2343 will resume the rise from 1.0351 and target 1.2759 medium term fibonacci level next. However, firm break of 1.1898 support will confirm short term topping and turn bias back to the downside.

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 1.1644 resistance turned 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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