GBP / USD daily outlook | Forex action

Daily pivots: (S1) 1.2318; (P) 1.2348; (R1) 1.2396; More

GBP / USD remains in a range below 1.2647 and intraday bias remains neutral first. Another increase should remain slightly in favor as long as the support of 1.2164 is maintained. On the upside, the breakout will extend the rebound from 1.1409 to resistance at 1.3200. On the downside, the breakout of 1.2164 will indicate the end of the rebound from 1.1409. The intraday bias will go back down to re-test the low of 1.1409.

– publicity –

Overall, although the rebound from 1.1409 is strong, there is no indication yet of a trend reversal. The downward trend from 2.1161 (2007 high) is likely to resume sooner or later. The next medium-term objective will be a 61.8% projection of 1.7190 to 1.1946 against 1.3514 to 1.0273. In any case, the outlook will remain bearish as long as the resistance at 1.3514 is maintained, in the event of a strong rebound.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button