Daily Pivots: (S1) 1.2777; (P) 1.2812; (R1) 1.2857; More…
A temporary top is in place at 1.2847 in GBP/USD with current retreat, and intraday bias is turned neutral first. Some consolidations would be seen first, but downside should be contained above 1.2628 support to bring rise resumption. On the upside, firm break of 1.2847 will resume larger up trend and target 100% projection of 1.1801 to 1.2678 from 1.2306 at 1.3183 next.
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 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).
