GBP/USD Daily Outlook

Daily Pivot Levels: (S1) 1.2925; (P) 1.2955; (R1) 1.2997; and further levels to consider.

For the current intraday trading, the bias for the GBP/USD currency pair is leaning toward the upside. The currency pair needs to maintain trading above the significant level of 1.2923, which corresponds to the 61.8% Fibonacci retracement level from the previous range of 1.3433 to 1.2099. Successfully holding above this level is likely to lead to a continuation of the upward trend that started from the 1.2099 low, possibly targeting the past high at 1.3433.

However, if the price falls below the support level at 1.2860, it could indicate a temporary topping pattern and might trigger a deeper pullback in the currency's value.

Looking at the longer-term perspective, the decline from the high of 1.3433, noted as the peak in 2024, appears to have reached completion at 1.2099. This corrective move has not yet confirmed the finality of the ongoing uptrend from the low of 1.3051 back in 2022. While the upward trend is still considered active, the market might still see further corrections before the trend resumes definitively. It is likely that there could be one more downward movement in the corrective pattern before an eventual breakout happens to the upside.

GBP, USD, Trading