GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3592; (P) 1.3645; (R1) 1.3724; More….

Intraday bias in GBP/USD remains mildly on the upside for 1.3758 high. Break there will resume larger up trend from 1.1409, to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, though, break of 1.3564 will resume the correction to channel support (now at 1.3489).

In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.