GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2818; (P) 1.2845; (R1) 1.2863; More

GBP/USD is staying in consolidation above 1.2761 and intraday bias remains neutral at this point. Further decline is in favor as long as 1.2994 resistance holds. Break of 1.2761 will 38.2% retracement of 1.1801 to 1.3141 at 1.2629. Nevertheless, on the upside, break of 1.2994 resistance will argue that the pull back has completed, and bring retest of 1.3141 high.

In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 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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