GBP/USD Mid-Day Outlook: Understanding the Current Rally and Price Targets

Monday, 8 July 2024, 13:38
The GBP/USD intraday bias remains bullish, with a rally from 1.2612 advancing towards the 1.2859 resistance level. A significant breakthrough could lead to a continuation of the upward momentum, targeting key levels such as 1.2959 and potentially 1.3173. Traders should monitor the minor support at 1.2793 for any shift in the intraday bias.
Actionforex
GBP/USD Mid-Day Outlook: Understanding the Current Rally and Price Targets

GBP/USD Mid-Day Outlook

Intraday bias in GBP/USD remains on the upside as rally from 1.2612 is in progress for retesting 1.2859 resistance.

Firm break there will resume the rally from 1.2298 and target 61.8% projection of 1.2298 to 1.2859 from 1.2612 at 1.2959.

Decisive break there would prompt upside acceleration through 1.3141 to 100% projection at 1.3173.

On the downside, below 1.2793 minor support will turn intraday bias neutral first.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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