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GBPUSD Outlook

GBP/USD Mid-Day Outlook

Typography

Daily Pivots: (S1) 1.2159; (P) 1.2205; (R1) 1.2263; More...

GBP/USD's break of 1.2133 temporary low suggests that fall from 1.2705 has resumed. Intraday bias is back on the downside for retesting 1.1946/86 support zone. As noted before, consolidation pattern from 1.1946 is completed at 1.2705 is resuming larger down trend. Break of 1.1946 will confirm our bearish view. On the upside, above 1.2250 minor resistance will turn bias neutral again. But outlook will stay bearish as long as 1.2346 support turned resistance holds.

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 bottoming 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