GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2694; (P) 1.2728; (R1) 1.2765; More…

Intraday bias in GBP/USD remains on the upside at this point. Rise from 1.2517 should target 1.2826 resistance first. Firm break there will resume whole rally from 1.2036, and target 61.8% projection of 1.2036 to 1.2826 from 1.2517 at 1.3005 next. On the downside, below 1.2689 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 1.2599 support holds, in case of retreat.

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, which could be still in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2517 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.

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