Daily Pivots: (S1) 1.3511; (P) 1.3545; (R1) 1.3590; More…
GBP/USD’s rally resumed by breaking through 1.3592 resistance today. Intraday bias is back on the upside. Next target is 100% projection of 1.2706 to 1.3442 from 1.3138 at 1.3874. For now, near term outlook will stay bullish as long as 1.3414 support holds, in case of retreat.
In the bigger picture, up trend from 1.3051 (2022 low) is in progress. 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 1.2866) holds, even in case of deep pullback.
