Tue, Mar 28, 2023 @ 16:02 GMT

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.1944; (P) 1.2010; (R1) 1.2053; More

GBP/USD’s decline from 1.2446 resumed by breaking through 1.1960 support and intraday bias remains on the downside. Such decline is seen as the third leg of the corrective pattern from 1.2445. Deeper fall would be seen to 1.1840 support and possibly below. For now, risk will now stay mildly on the downside as long as 1.2269 resistance 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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