GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3018; (P) 1.3069; (R1) 1.3155; More….

Intraday bias in GBP/USD remains on the upside at this point. Current rise should target 1.3381 resistance next. On the downside, below 1.3063 minor support will turn intraday bias neutral and bring consolidation. But downside of retreat should be contained above 1.2827 support to bring another rally.

In the bigger picture, rise from 1.1958 medium term bottom is seen as the third leg of consolidation from 1.1946. Further rise would be seen back towards 1.4376 resistance. For now, this will remain the favored case as long as 1.2582 resistance turned support holds. However, firm break of 1.2582 will turn focus back to 1.1946 low.