Thu, Mar 23, 2023 @ 18:30 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2107; (P) 1.2187; (R1) 1.2256; More

GBP/USD’s decline today and break of 1.2029 minor support suggests that fall from 1.2446 is resume. Intraday bias is back on the downside for 1.1960 support first. Break will target 1.1840 support. Overall, price action from 1.2445 are seen as a corrective pattern, break of 1.2269 will suggest that such pattern has finally completed.

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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