GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2737; (P) 1.2777; (R1) 1.2810; More…..

Intraday bias in GBP/USD is turned neutral with current retreat and some consolidations could be seen below 1.2816. Further rise is in favor as long as 1.2693 support holds. Above 1.2816 will resume the rally from 1.2298 to 1.2892 resistance next. On the downside, break of 1.2693 minor support will turn intraday bias to the downside for deeper pullback instead.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2445 support will extend the corrective pattern with another decline instead.

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