Thu, Mar 23, 2023 @ 11:25 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2064; (P) 1.2108; (R1) 1.2184; More

GBP/USD’s rebound from 1.1960 resumed by breaking 1.2192 minor resistance and intraday bias is back on the upside. The development revived the case that corrective pattern from 1.2445 has already completed at 1.1960. Further rise should be seen to retest 1.2445/6 next. On the downside, however, below 1.2123 will mix up the outlook again and turn intraday bias neutral.

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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