GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2119; (P) 1.2183; (R1) 1.2277; More

Intraday bias in GBP/USD stays mildly on the upside with 1.2086 minor support intact. Current rise from 1.1840 would target a test on 1.2445 high. Decisive break there will resume whole rally from 1.0351 to 1.2759 fibonacci level. On the downside, break of 1.2086 minor support will turn intraday bias neutral first. Further break of 1.1840 will resume the correction from 1.2445 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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