Daily Pivots: (S1) 1.2324; (P) 1.2359; (R1) 1.2423; More…
GBP/USD’s rally continues today and intraday bias stays on the upside for 1.2445/6 resistance zone. Decisive break there will resume larger rally from 1.0351, and target 1.2759 fibonacci level. On the upside, below 1.2292 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 1.2203 resistance turned support holds.
In the bigger picture, the rise from 1.0351 medium term term bottom (2022 low) is in progress for 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. Sustained break there will add to the case of long term bullish trend reversal. Further break of 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 could prompt upside acceleration to 100% projection at 1.3895. For now, this will remain the favored case as long as 1.1801 support holds, even in case of deep pull back.
