GBPUSD Risks Flip Higher

An unexpected rebound Friday (as also seen Thursday) to now push above 1.2148/51 resistances, to reject the negative tone from the earlier August plunge lower and to switch the bias back higher for Monday.

The latter April push below 1.2947 signalled an intermediate-term Double Top pattern and set an intermediate-term bear trend.

For Today:

We see an upside bias for 1.2176 and 1.2210; break here aims for 1.2250.

But below 1.2093 opens risk down to 1.2066 and maybe 1.2013.

Intermediate-term Outlook - Downside Risks: We see a downside risk for 1.2000.

Lower targets would be 1.1866 and 1.1755

What Changes This? Above 1.2250 shifts the outlook back to neutral; above 1.2518 is needed for a bull theme.

4 Hour GBPUSD Chart