Daily Pivots: (S1) 1.2716; (P) 1.2758; (R1) 1.2837; More…
GBP/USD’s rally from 1.2099 continues today and breaks through 1.2810 resistance. Next target is 61.8% retracement of 1.3433 to 1.2099 at 1.2923. Sustained break there will bring retest of 1.3433 high. 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. The uptrend from 1.0351 (2022 low) is not over yet. Firm break of 1.2810 resistance will solidify this bullish case.
