GBP/USD Daily Outlook

Daily Pivots: (S1) 1.4027; (P) 1.4065; (R1) 1.4139; More…..

Outlook in GBP/USD is unchanged. Pull back from 1.4345 should have completed at 1.3764 already. Intraday bias remains on the upside for retesting 1.4345 first. Break there will resume larger up trend and target long term trend line resistance (now at 1.5105). On the downside, below 1.3764 will extend the correction to 1.3651 resistance turned support instead.

In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4279) so far. Break of 1.3038 support, will suggests that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.

GBP/USD 4 Hours Chart

GBP/USD Daily Chart

Featured Analysis

Learn Forex Trading