Fri, Jun 02, 2023 @ 23:00 GMT

GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2298; (P) 1.2324; (R1) 1.2366; More

Intraday bias in GBP/USD remains on the upside as rise from 1.1801 is in progress for 1.2445/6 resistance zone. Firm break there will resume larger rally from 1.0351, and target 1.2759 fibonacci level. For now, near term outlook will remain bullish as long as 1.2177 support holds, even in case of another retreat.

In the bigger picture, price action from 1.2445 are seen as a corrective pattern to rise from 1.0351 medium term bottom (2022 low). Resumption of the rally from 1.0351 is expected and break of 1.2446 will target 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. This will remain the favored case as long as 38.2% retracement of 1.0351 to 1.2445 at 1.1645 holds.

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