Daily Pivots: (S1) 1.2621; (P) 1.2674; (R1) 1.2748; More…
Intraday bias in GBP/USD stays mildly on the upside at this point. Pull back from 1.2847 could have completed at 1.2589. Further rise would be seen to retest 1.2847 high first. Firm break there will resume larger up trend from 1.0351, to 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, though, break of 1.2589 will extend the fall to 55 D EMA (now at 1.2540).
In the bigger picture, the strong support from 55 W EMA (now at 1.2341) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).
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