GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2505; (P) 1.2532; (R1) 1.2565; More…

A temporary top is in place at 1.2557 in GBP/USD and intraday bias is turned neutral for some consolidations first. But further rally is expected as long as 1.2372 support holds. Above 1.2557 will resume the rise from 1.2036, and target 61.8% retracement of 1.3141 to 1.2036 at 1.2716 next.

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 argues that current rise from 1.2036 is 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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