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GBP/USD Mid-Day Outlook


Every day Pivots: (S1) 1.2535; (P) 1.2594; (R1) 1.2641; Extra…

Intraday bias in GBP/USD stays impartial for consolidation above 1.2546 short-term low. Close to time period outlook stays mildly bearish so long as 1.2799 resistance holds. On the draw back, break of 1.2546 will resume entire fall from 1.3141 to 61.8% projection of 1.3141 to 1.2618 from 1.2799 at 1.2476. Agency break there may immediate draw back acceleration to 100% projection at 1.2276.

Within the larger image, for now, fall from 1.3141 medium time period high is seen as a correction to up pattern from 1.0351 (2022 low). Deeper decline could be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Robust assist could be seen there to deliver rebound on first try. However outlook shall be impartial at greatest so long as 1.3141 resistance holds, and consolidation from there’s set to increase, till additional improvement.

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