Fri, Jan 27, 2023 @ 04:49 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2216; (P) 1.2257; (R1) 1.2307; More

GBP/USD’s rise from 1.0351 resumed by breaking through 1.2343. Intraday bias is back on the upside. Further rally should be seen to 1.2759 medium term fibonacci level next. For now, outlook will stay bullish as long as 1.2205 support holds, in case of retreat.

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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