Tue, Dec 01, 2020 @ 06:30 GMT
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GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2948; (P) 1.3011; (R1) 1.3126; More….

GBP/USD’s break of 1.2957 minor resistance suggests that pull back from 1.3217 has completed at 1.2773 already. Intraday bias is turned back to the upside for retesting 1.3174/3217 key resistance zone. Decisive break there will complete a head and shoulder bottom pattern (ls: 1.2661, h: 1.2391, rs: 1.2773). That would indicate bullish reversal for 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. On the downside, break of 1.2895 minor support will turn bias back to the downside for 1.2773 instead.

In the bigger picture, focus is back on 1.3174 resistance with current rebound. Break will indicate completion of decline from 1.4376. Rise from 1.2391 would then be seen as the third leg of the corrective pattern from 1.1946 (2016 low). In that case, further rise could be seen through 1.4376 resistance. Nevertheless, rejection by 1.3174 again will extend the decline from 1.4376 through 1.2391 to 1.1946 low.

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