Daily Pivots: (S1) 1.1467; (P) 1.1600; (R1) 1.1845; More…
Break of 1.1664 resistance confirmed resumption of rise from 1.0351. Intraday bias in GBP/USD is back on the upside. Further rally would be seen to 61.8% projection of 1.0351 to 1.1494 from 1.1145 at 1.1851. break there will target 100% projection at 1.2288. On the downside, below 1.1332 minor support will turn intraday bias neutral first.
In the bigger picture, current development suggests that rise from 1.0351 is a medium term bottoming. Rise from there is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. Firm break of 1.1759 support turned resistance will confirm this case, and target 55 week EMA (now at 1.2330), as possibly above.
