Daily Pivots: (S1) 1.2424; (P) 1.2459; (R1) 1.2520; More…
Immediate focus is now back on 1.2524 resistance as GBP/USD’s rebound extends today. Decisive break there will resume larger up trend to 1.2759 fibonacci level first. Firm break there will target 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. Rejection by 1.2524 will bring more corrective trading first. But outlook will remain bullish as long as 1.2343 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.
