Thu, Feb 02, 2023 @ 18:17 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2173; (P) 1.2211; (R1) 1.2270; More

Intraday bias in GBP/USD is turned neutral first with today’s retreat. On the upside, above 1.2288 will resume the rebound from 1.1840 to retest 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 back to the downside for 1.1840 support instead.

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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