Daily Pivots: (S1) 1.1703; (P) 1.1779; (R1) 1.1911; More…
GBP/USD’s rally is still in progress and intraday bias stays on the upside. Firm break of 61.8% projection of 1.0351 to 1.1494 from 1.1145 at 1.1851 will pave the way to 100% projection at 1.2288. On the downside, below 1.1646 minor support will turn intraday bias neutral and bring consolidation first.
In the bigger picture, current development suggests that rise from 1.0351 is a medium term bottom. Rise from there is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. Sustained break of 38.2% retracement of 1.4248 to 1.0351 at 1.1840 will pave the way to 61.8% retracement at 1.2759 and possibly above.
