GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2459; (P) 1.2494; (R1) 1.2529; More

GBP/USD breached 1.2443 support briefly but quickly recovered. Intraday bias stays neutral first. More consolidation could be seen, but upside should be limited by 1.2618 support turned resistance to bring another fall. Firm break of 1.2443 will resume the decline from 1.3141 and target 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. But outlook will be neutral at best as long as 1.3141 resistance holds, and consolidation from there is set to extend, until further development.

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