GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2604; (P) 1.2624; (R1) 1.2648; More…

GBP/USD edged higher to 1.2653 today but failed to sustain above 55 4H EMA again. Intraday bias remains neutral for the moment. On the upside, firm break of 1.2653 resistance will affirm the case that correction from 1.2826 has completed at 1.2517, after drawing support from 1.2499. Intraday bias will be back on the upside for retesting 1.2826. Nevertheless, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed and turn near term outlook bearish.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg, would could be still in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2499 support will argue that the third leg has already started for 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 again.

Featured Analysis

Learn Forex Trading