GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2403; (P) 1.2434; (R1) 1.2494; More…

Intraday bias in GBP/USD is back on the upside with break of 1.2504 temporary top. Sustained trading above 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way to 61.8% retracement at 1.2716. On the downside, though, break of 1.2372 will dampen the bullish case, and turn intraday bias neutral again first.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will argue that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

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