Daily Pivots: (S1) 1.2940; (P) 1.2970; (R1) 1.3020; More…
Further rally is still in favor in GBP/USD with 1.2910 minor support intact. Sustained trading above 61.8% retracement of 1.3433 to 1.2099 at 1.2923 will pave the way back to 1.3433 high. However, break of 1.2910 will indicate short term topping, and turn bias back to the downside for deeper pullback.
In the bigger picture, up trend from 1.3051 (2022 low) is not completed. Resumption is expected after corrective pattern from 1.3433 completes. Next target will be 1.4248 key resistance. This will now remain the favored case as long as 1.2099 support holds.
