Sat, Feb 04, 2023 @ 09:11 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2150; (P) 1.2219; (R1) 1.2267; More

GBP/USD’s rise from 1.1840 resumed by breaking 1.2288 temporary top. Intraday bias is back on the upside for retesting 1.2445. Decisive break there will resume whole rally from 1.0351 to 1.2759 fibonacci level. On the downside, break of 1.2168 minor support will turn intraday bias neutral again.

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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