Daily Pivots: (S1) 1.2580; (P) 1.2623; (R1) 1.2656; More…
Break of 1.2690 minor support suggests that GBP/USD’s pull back from 1.2847 has completed. Intraday bias is back on the upside for retesting 1.2847 first. Firm break there will resume larger up trend from 1.0351. On the downside, though, break of 1.2589 will extend the fall to 55 D EMA (now at 1.2529).
In the bigger picture, the strong support from 55 W EMA (now at 1.2341) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).
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