GBP/USD Daily Analysis
Intraday bias in GBP/USD stays on the upside at this point. The current rally from 1.0351 should target 1.2759 medium-term Fibonacci level next. On the downside,e break of 1.1898 support is needed to indicate short-term topping. Otherwise, the outlook will stay bullish in case of retreat.
In the bigger picture, the rise from the 1.0351 medium-term bottoms is at least correcting the downtrend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. The next target is a 61.8% retracement of 1.4248 to 1.0351 at 1.2759. A sustained break there will pave the way back to 1.4248.
