Daily Pivots: (S1) 1.3032; (P) 1.3087; (R1) 1.3190; More…
Intraday bias in GBP/USD remains on the upside for the moment. Current rally is part of the up trend from 1.0351. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895.On the downside, below 1.3043 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).
