Daily Pivots: (S1) 1.2609; (P) 1.2654; (R1) 1.2707; More…
Intraday bias in GBP/USD stays on the upside with 1.2599 minor support intact. Decisive break of 1.2678 resistance will confirm resumption of whole up trend from 1.0351. Further rally should then be seen through 1.2759 fibonacci level to 61.8% projection of 1.1801 to 1.2678 from 1.2306 at 1.2848. On the downside, below 1.2599 minor support will turn intraday bias neutral first.
In the bigger picture, as long as 1.2306 support holds, rise from 1.0351 medium term bottom (2022 low) is expected to extend further. Sustained break of 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759 will add to the case of long term bullish trend reversal. However, firm break of 1.2306 will indicate rejection by 1.2759, and bring deeper decline, even as a correction.
