Daily Pivots: (S1) 1.2681; (P) 1.2734; (R1) 1.2837; More…
GBP/USD rises to as high as 1.2847 so far today, just an inch below 61.8% projection of 1.1801 to 1.2678 from 1.2306 at 1.2848. intraday bias stays on the upside for the moment. Decisive break of 1.2848 will extend the rally to 100% projection at 1.3183 next. On the downside, below 1.2697 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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. Next medium term target will then be 1.4248 key resistance.
