GBP/USD Daily Analysis
GBP/USD’s rise from 1.0351 is in progress and intraday bias remains on the upside. The next target is a 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288 first. A sustained break there will pave the way to the 1.2759 medium-term Fibonacci level. For now, the break of 1.1777 support is needed to indicate short-term topping. Otherwise, the outlook will remain bullish in case of retreat.
In the bigger picture, the rise from the 1.0351 medium-term bottoms is at least correcting the whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 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.
