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GBPUSD Outlook

GBP/USD Daily Outlook

Typography

Daily Pivots: (S1) 1.2870; (P) 1.2913; (R1) 1.2962; More...

Intraday bias in GBP/USD remains neutral for the moment as it's staying in range of 1.2830/2987. With 1.2830 minor support intact, another rise cannot be ruled out. However, price actions from 1.1946 are viewed as a corrective pattern. Hence, in case of another rise, we'd start to look for reversal signal again above 1.2987. Meanwhile, break of 1.2830 will indicate short term topping. In such case, intraday bias is turned back to the downside for 1.2614 resistance turned 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