GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2367; (P) 1.2389; (R1) 1.2407; More

Intraday bias in GBP/USD is turned neutral with current recovery. Some consolidations could be seen but further decline is expected as long as 1.2547 resistance holds. Below 1.2368 will resume the fall from 1.3141 to 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276. On the upside, though, firm break of 1.2547 resistance will now indicate short term bottoming, and bring stronger rebound.

In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. However, sustained break of 1.2075 will raise the chance of bearish trend reversal.

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