GBP/USD Mid-Day Forecast
For the time being, the GBP/USD intraday bias is bearish. As the third leg of the corrective pattern from 1.2445, a fall from 1.2446 should target 1.1840 support and possibly lower. Above 1.2073 minor resistance, the intraday bias will first become neutral.
In the big picture, the rise from the medium-term bottom of 1.0351 is at least correcting the entire downtrend from 1.4248. (2021 high). Further gains are expected as long as the 1.1644 resistance turned support is maintained. The next target is 1.2759, which is the 61.8% retracement of 1.4248 to 1.0351. A sustained break will open the way back to 1.4248.
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