GBP/USD Daily Analysis
GBP/USD remains in a consolidation phase from 1.2524, with the intraday bias staying neutral for now. A further rally is anticipated as long as the 1.2203 resistance-turned-support remains unbroken. On the upside, a break above 1.2524 would target the 1.2759 Fibonacci level initially. A decisive break at this level would aim for the 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095.
In the broader context, the increase from the 1.0351 medium-term low (2022 low) is advancing towards the 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. A sustained break above this level would strengthen the argument for a long-term bullish trend reversal. Moreover, surpassing the 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 could trigger an accelerated upward movement towards the 100% projection at 1.3895. As long as the 1.1801 support holds, this scenario remains favored, even if a deep pullback occurs.
