GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3628; (P) 1.3703; (R1) 1.3752; More….

GBP/USD’s fall accelerates to as low as 1.3586 so far and intraday bias remains on the downside for 1.3482 key support. Decisive break there will indicate that it’s already correcting whole up trend from 1.1409. Next target will then be 38.2% retracement of 1.1409 to 1.4248 at 1.3164. On the upside, above 1.3688 minor resistance will turn intraday bias neutral first. But further fall will remain in favor as long as 1.3908 resistance holds.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed. GBP/USD would then be seen in another leg of long term range pattern between 1.1409 and 1.4376. Deeper fall could then be seen to 61.8% retracement of 1.1409 to 1.4248 at 1.2493, and even below.

July 21, 2021 at 01:11AM
ActionForex.com
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