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GBP/USD Mid-Day Outlook


Day by day Pivots: (S1) 1.2158; (P) 1.2207; (R1) 1.2248; Extra..

Intraday bias in GBP/USD stays on the draw back at this level. Present down pattern ought to goal 200% projection of 1.3641 to 1.2999 from 1.3297 at 1.2013 subsequent. On the upside, above 1.2399 minor resistance will flip intraday bias impartial once more. However outlook will keep bearish so long as 1.2637 resistance holds.

Within the greater image, primarily based on present momentum, fall from 1.4248 (2018 excessive) at the least on the similar diploma because the rise from 1.1409 (2020 low). That’s, fall from 1.4248 could possibly be a leg contained in the sample from 1.1409, or resuming the long term down pattern. In both case, deeper decline is anticipated so long as 1.2999 help turned resistance holds. Subsequent goal is 1.1409 low.

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