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GBPUSD Outlook

GBP/USD Mid-Day Outlook

Typography

Daily Pivots: (S1) 1.2522; (P) 1.2558; (R1) 1.2599; More...

GBP/USD's rally accelerates to as high as 1.2714 so far today. The strong break of 1.2614 resistance confirms resumption of rise from 1.2108. Intraday bias stays on the upside for 100% projection of 1.2108 to 1.2614 from 1.2365 at 1.2871. However, such rally is seen as part of the consolidation from 1.1946 low. Hence, we'd expect strong resistance around 55 week EMA (now at 1.3016) to limit upside and bring down trend resumption. On the downside, break of 1.2573 minor support will turn bias back to the downside for 1.2365 support first.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term reversal yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart