Daily Pivots: (S1) 1.2777; (P) 1.2812; (R1) 1.2857; More…
Intraday bias in GBP/USD stays on the upside for the moment. Sustained trading above 61.8% projection of 1.1801 to 1.2678 from 1.2306 at 1.2848 will pave the way to 100% projection at 1.3183 next. On the downside, below 1.2697 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, the strong support from 55 W EMA (now at 1.2345) is a medium term bullish sign. Outlook will stay bullish as long as 1.2305 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).
