GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3075; (P) 1.3108; (R1) 1.3127; More

GBP/USD’s consolidation from 1.3141 is extending and intraday bias remains neutral. Downside of retreat should be contained above 1.2847 resistance turned support to bring rise resumption. On the upside, break of 1.3141 will resume larger up trend and target 161.8% projection of 1.2306 to 1.2847 from 1.2589 at 1.3464 next.

In the bigger picture, rise from 1.0351 medium term bottom (2022 low) is in progress. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. Break there will target 1.4248 key long term resistance (2021 high) next. This will now remain the favored case as long as 1.2678 resistance turned support holds.

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