Daily Pivots: (S1) 1.2764; (P) 1.2801; (R1) 1.2830; More…
GBP/USD’s retreat from 1.2847 extends lower today but stays well above 1.2628 support. Intraday bias remains neutral first and further rally is expected. 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).
