Daily Pivots: (S1) 1.2928; (P) 1.2964; (R1) 1.3024; More…
GBP/USD continues today and matched 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. There is no sign of topping and intraday bias stays on the upside. Sustained trading above 1.3095 will target 100% projection at 1.3895. On the downside, below 1.2983 minor support will turn intraday bias neutral first. But retreat should be contained by 1.2847 resistance turned support to bring 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 1.2445 resistance turned support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).
