Thu, Mar 30, 2023 @ 07:47 GMT

GBP/USD Mid-Day Outlook

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

Intraday bias in GBP/USD remains on the downside for the moment. Fall from 1.2446, as the third leg of the corrective pattern from 1.2445, should target 1.1840 support and possibly below. On the upside, above 1.2073 minor resistance will turn intraday bias neutral first.

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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