GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3881; (P) 1.3933; (R1) 1.4027; More….

GBP/USD’s rally is still in progress and reaches as high as 1.4035 so far. Intraday bias remains on the upside for 1.4376 long term resistance next. On the downside, break of 1.3950 minor support will turn intraday bias neutral, and bring consolidations, before staging another rally.

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. Decisive break there will carry larger bullish implication. 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.