Daily Pivots: (S1) 1.2653; (P) 1.2724; (R1) 1.2835; More…
GBP/USD’s rally is in progress and intraday bias stays on the upside for the moment. Current rise from 1.2036 should target 61.8% projection of 1.2068 to 1.2731 from 1.2499 at 1.2909 next. On the downside, below 1.2678 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 1.2499 support holds.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to rise from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg, that could still extend through 1.2731. But upside should be limited by 1.3141 o bring the third leg of the pattern. Meanwhile, sustained trading below 55 EMA will argue that the third leg has already started for 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 again, and possibly below.
