GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2597; (P) 1.2621; (R1) 1.2650; More…

Intraday bias in GBP/USD remains on the upside for the moment. Rise from 1.2036 should target 61.8% retracement of 1.3141 to 1.2036 at 1.2716. On the downside, below 1.2572 minor support will turn intraday bias neutral first. But further rally will now remain in favor as long as 1.2426 resistance turned support holds.

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 suggests 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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