Daily Pivots: (S1) 1.3393; (P) 1.3417; (R1) 1.3443; More…
GBP/USD’s rally resumed after brief consolidations and intraday bias is back on the upside. Current rally should now target 61.8% projection of 1.2706 to 1.3442 from 1.3138 at 1.3593, and then 100% projection at 1.3874. On the downside, below 1.3389 minor support will turn intraday bias neutral again first.
In the bigger picture, up trend from 1.3051 (2022 low) is now resuming. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Outlook will now stay bullish as long as 55 W EMA (now at 1.2843) holds.
