GBP/USD Daily Outlook

Daily Pivots: (S1) 1.1924; (P) 1.2012; (R1) 1.2181; More

Intraday bias in GBP/USD remains mildly on the upside for the moment. Correction from 1.2445 could have completed after hitting 55 day EMA. Retest of 1.2445 high should be seen next. On the downside, however, break of 1.1840 will resume the decline to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.

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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