GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2445; (P) 1.2498; (R1) 1.2546; More…

Intraday bias in GBP/USD is back on the upside with break of 1.2557 temporary top. Rise from 1.2036 is resuming for 61.8% retracement of 1.3141 to 1.2036 at 1.2716 next. On the downside, though, below 1.2447 minor support will turn intraday bias again first, and probably bring lengthier consolidations.

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.

Featured Analysis

Learn Forex Trading