GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2787; (P) 1.2835; (R1) 1.2873; More

Intraday bias in GBP/USD is turned neutral first, with 4H MACD crossed above signal line. Below 1.2796 will resume the fall form 1.3141 to 55 D EMA (now at 1.2703) next. On the upside, break of 1.2963 minor resistance will turn bias back to the upside retest 1.3141 high instead.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise form 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal.

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