Daily Pivots: (S1) 1.2716; (P) 1.2758; (R1) 1.2837; More…
Intraday bias in GBP/USD stays on the upside for 1.2810 resistance. Firm break there will extend the rally from 1.2099 to 61.8% retracement of 1.3433 to 1.2099 at 1.2923. For now, further rise is expected as long as 1.2558 support holds, in case of retreat.
In the bigger picture, the break of 55 W EMA (now at 1.2607) argues that fall from 1.3433 (2024 high) has completed at 1.2099 as a corrective move. Firm break of 1.2810 resistance will solidify this case, and keep up trend from 1.0351 (2022 low) intact. Retest of 1.3433 should be seen next.
