GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2800; (P) 1.2825; (R1) 1.2872; More…

GBP/USD’s break of 1.2859 suggest that rise from 1.2298 is resuming. Intraday bias is back on the upside for 61.8% projection of 1.2298 to 1.2859 from 1.2612 at 1.2959. On the downside, break of 1.2777 minor support will turn intraday bias neutral again first.

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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