Daily Pivots: (S1) 1.2609; (P) 1.2654; (R1) 1.2707; More…
GBP/USD’s rally continues today and the firm break of 1.2678 resistance should confirm resumption of whole up trend from 1.0351. Intraday bias stays on the upside for 1.2759 fibonacci level, and then 61.8% projection of 1.1801 to 1.2678 from 1.2306 at 1.2848. On the downside, below 1.2628 minor support will turn intraday bias neutral first.
In the bigger picture, as long as 1.2306 support holds, rise from 1.0351 medium term bottom (2022 low) is expected to extend further. Sustained break of 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759 will add to the case of long term bullish trend reversal. However, firm break of 1.2306 will indicate rejection by 1.2759, and bring deeper decline, even as a correction.
