Thu, Mar 23, 2023 @ 23:52 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1744; (P) 1.1905; (R1) 1.1987; More

Intraday bias in GBP/USD remains on the downside for the moment. Current decline from 1.2446 is in progress for 38.2% retracement of 1.0351 to 1.2446 at 1.1646. Strong support might be seen there to rebound. But break of 1.1914 support turned resistance is needed to sign temporary bottoming first. Meanwhile, firm break of 1.1645 would carry larger bearish implications.

In the bigger picture, break of 1.1840 support argues that a double top pattern (1.2445, 1.2446) was formed after rejection by 55 week EMA (now at 1.2228). Deeper decline should be seen back to 38.2% retracement of 1.0351 to 1.2446 at 1.1646. Sustained break there will raise the chance of trend reversal and target 61.8% retracement at 1.1151.

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