GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2785; (P) 1.2815; (R1) 1.2838; More…

Intraday bias in GBP/USD is turned neutral first as it retreated ahead of 1.2859 resistance. Outlook will stay bullish as long as 1.2612 support holds, even in case of deeper pullback. On the upside, firm break of 1.2859 will resume the rally from 1.2298 and target 61.8% projection of 1.2298 to 1.2859 from 1.2612 at 1.2959. Decisive break there would prompt upside acceleration through 1.3141 to 100% projection at 1.3173.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern which might still extend. Break of 1.2612 support will bring another fall to 1.2298 support and possibly below. Nevertheless, break of 1.2892 resistance will argue that larger up trend from 1.0351 might be ready to resume through 1.3141.

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