Daily Pivots: (S1) 1.2320; (P) 1.2372; (R1) 1.2470; More…
GBP/USD’s rally today and break of 1.2445/6 indicates resumption of whole rise from 1.3051. Intraday bias is back on the upside for 1.2759 fibonacci level. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, break of 1.2273 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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.
