GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1905; (P) 1.2067; (R1) 1.2356; More…

Intraday bias in GBP/USD remains mildly on the upside at this point. Rebound from 1.1409 would target 61.8% retracement of 1.3200 to 1.1409 at 1.2516. Break there will raise the chance of larger reversal and turn focus to 1.3200 resistance first. On the downside, though, break of 1.1933 will suggest completion of the rebound and turn bias to the downside for retesting 1.1409 low.

In the bigger picture, down trend from 2.1161 (2007 high) has just resumed. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.