Daily Pivots: (S1) 1.3102; (P) 1.3151; (R1) 1.3241; More…
GBP/USD’s rally from 1.2099 resumed by breaking through 1.3206. Intraday bias stays on the upside for 61.8% projection of 1.2099 to 1.3206 from 1.2706 at 1.3390, and possibly further to 1.3433 high. On the downside, below 1.3121 minor support will turn intraday bias neutral first. But overall near term outlook will stay bullish as long as 1.2706 support holds.
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could be the second leg. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.
