GBPUSD Potential set up
🔰 GBP/USD Daily Outlook May 12 🔰
🔹Intraday bias in GBP/USD remains neutral for the moment
🔸On the downside, sustained break of 1.2247 will suggest completion of whole rebound from 1.1409
⚡️ Intraday bias will be turned back to the downside for retesting this low.
🔸On the upside, break of 1.2647 will resume the rebound from 1.1409 to 1.3200 resistance next
In the bigger picture 🔰
🔸 While the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later
⚡️ Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound
🔹Intraday bias in GBP/USD remains neutral for the moment
🔸On the downside, sustained break of 1.2247 will suggest completion of whole rebound from 1.1409
⚡️ Intraday bias will be turned back to the downside for retesting this low.
🔸On the upside, break of 1.2647 will resume the rebound from 1.1409 to 1.3200 resistance next
In the bigger picture 🔰
🔸 While the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later
⚡️ Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound
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