Daily Pivots: (S1) 1.2841; (P) 1.2918; (R1) 1.3049; More…
Intraday bias in GBP/USD is back on the upside with firm break of 1.2933 minor resistance. Retest of 1.3206 should be seen first. Break there will resume the rally from 1.2099 towards 1.3433 high. For now, near term outlook will stay bullish as long as 1.2706 support holds, in case of another dip.
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could be the second leg. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.
