Daily Pivots: (S1) 1.3224; (P) 1.3315; (R1) 1.3485; More…
GBP/USD’s rally accelerates to as high as 1.3615 so far and intraday bias remains on the upside. Current rally should now target 1.3835 medium support turned resistance next. On the downside, below 1.3522 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, the strong break of 1.3444 key resistance now argues that the long term trend in GBP/USD has reversed. That is a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 to 1.1946 at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.
