GBP/USD Daily Analysis
GBP/USD is losing some upside momentum as seen in the 4-hour MACD. But a further rally is expected as long as 1.1777 support holds. 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.
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.
