Daily Pivots: (S1) 1.2880; (P) 1.2907; (R1) 1.2960; More…
GBP/USD’s rally continues today and hit as high as 1.2968 so far. Intraday bias remains on the upside for 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, below 1.2884 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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).
