GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3912; (P) 1.3947; (R1) 1.3996; More….

Intraday bias in GBP/USD stays on the upside at this point. Consolidation pattern from 1.4240 could have completed with three waves to 1.3570 already. Further rise should be seen to retest 1.4248 high next. On the downside, below 1.3841 minor support will turn intraday bias neutral and bring retreat first, before staging another rally.

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 31, 2021 at 01:42AM
ActionForex.com
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