Daily Pivots: (S1) 1.2760; (P) 1.2805; (R1) 1.2883; More…
Intraday bias in GBP/USD is turned neutral with current retreat. On the downside, break of 1.2738 minor support will indicate that consolidation from 1.2847 is extending with another falling leg, back to 1.2589 support. On the upside, decisive break of 1.2847/8 will confirm resumption of larger up trend from 1.0351. Next target is 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095.
In the bigger picture, the strong support from 55 W EMA (now at 1.2341) 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).
