GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3239; (P) 1.3298; (R1) 1.3410;

GBP/USD’s rally is still in progress and intraday bias stays on the upside. Current rise from 1.1409 should target 161.8% projection of 1.2065 to 1.2813 from 1.2251 at 1.3461. On the downside, break of 1.3053 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, immediate focus is now on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.