GBP / USD daily outlook | Forex Action

Daily pivots: (S1) 1.2297; (P) 1.2346; (R1) 1.2400; More….

Intraday bias in GBP / USD remains on the upside, up from 1.2065 in progress. Current developments argue that the rebound from 1.1409 may still be underway. A new rally would be observed at 1.2647 and the break will aim for a projection of 61.8% from 1.1409 to 1.2647 from 1.2065 to 1.2830 thereafter. On the downside, however, minor support below 1.2204 will instead reduce the downward bias to 1.2065.

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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 expected 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.


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