GBP/USD Daily Analysis
At present, the GBP/USD intraday bias appears to be on the upswing. The current upward trend starting from 1.0351 is expected to first target the 1.2759 Fibonacci level. If a strong breakthrough occurs there, the next target would be the 61.8% projection level of 1.0351 to 1.2445 from 1.1801, which is located at 1.3095. As long as the 1.2343 support holds, the outlook will remain bullish, even if there is a retreat.
Looking at the bigger picture, the climb from the medium-term low of 1.0351 (2022 low) is underway and is expected to reach the 61.8% retracement level of 1.4248 (2021 high) to 1.0351 at 1.2759. If the price manages to break through this level, it will further support the notion of a long-term bullish trend reversal. If the price manages to breach the 61.8% projection level of 1.0351 to 1.2445 from 1.1801 at 1.3095, it could prompt a surge in the price towards the 100% projection level at 1.3895. For the time being, this is the most likely scenario as long as the 1.1801 support level holds, even in the event of a significant pullback.
