Daily Pivots: (S1) 1.2760; (P) 1.2805; (R1) 1.2883; More…
Intraday bias in GBP/USD stays on the upside at this point. Sustained trading above 1.2847 will confirm resumption of larger up trend from 1.0351. Next target is 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, below 1.2738 minor support will delay the bullish case and turn intraday bias neutral first.
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).
