Daily Pivots: (S1) 1.2932; (P) 1.2979; (R1) 1.3056; More…
GBP/USD’s rally from 1.2099 resumed by breaking through 1.3013 resistance. Intraday bias is back on the upside. Next target is 61.8% projection of 1.2248 to 1.3013 from 1.2878 at 1.3351. For now, outlook will remain bullish as long as 1.2878 support holds, in case of retreat.
In the bigger picture, up trend from 1.3051 (2022 low) is not completed. Resumption is expected after corrective pattern from 1.3433 completes. Next target will be 1.4248 key resistance (2021 high). This will now remain the favored case as long as 1.2099 support holds.
