GBP/USD Mid-Day Outlook | Action Forex

Daily Pivots: (S1) 1.2590; (P) 1.2661; (R1) 1.2738; More….

No change in GBP/USD’s outlook and intraday bias remains on the upside at this point. Current rise from 1.1409 is in progress for 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. Sustained break there will target 100% projection at 1.3303. On the downside, below 1.2500 minor support will turn intraday bias neutral first.

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In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.

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