Mon, Mar 27, 2023 @ 17:50 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2164; (P) 1.2282; (R1) 1.2342; More

Intraday bias in GBP/USD stays on the downside at this point. Fall from 1.2446 is the third leg of the corrective pattern from 1.2445. Deeper decline could be seen to 1.1840 support. But downside should be contained by 38.2% retracement of 1.0351 to 1.2445 at 1.1645 to bring rebound. For now, risk will stay mildly on the downside as long as 1.2445/6 holds, in case of recovery.

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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