Daily Pivots: (S1) 1.1703; (P) 1.1766; (R1) 1.1821; More…
GBP/USD’s rise from 1.0351 resumed after brief retreat and intraday bias is back on the upside. With break of 61.8% projection of 1.0351 to 1.1494 from 1.1145 at 1.1851, next target will be 100% projection at 1.2288. On the downside, break of 1.1708 minor support will turn intraday bias neutral and bring consolidation again, before staging another rally.
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 should pave the way to 61.8% retracement at 1.2759 and possibly above.
