GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2809; (P) 1.2852; (R1) 1.2902; More…

Intraday bias in GBP/USD is turned neutral first with current retreat. Some consolidations would be seen below 1.2892 temporary top first. But further rally will remain in favor as long as 55 4H EMA (now at 1.2735) holds. On the upside, above 1.2892 will resume larger rise from 1.2063 and target 61.8% projection of 1.2036 to 1.2826 from 1.2517 at 1.3005.

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 is 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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