Daily Pivots: (S1) 1.3050; (P) 1.3166; (R1) 1.3241; More…
GBP/USD’s fall from 1.3433 short term top is in progress. Intraday bias remains on the downside for deeper decline. But strong support is expected from 1.3000 cluster (38.2% retracement of 1.2298 to 1.3433 at 1.2999 to bring rebound. On the upside, above 1.3236 minor resistance will turn intraday bias neutral first.
In the bigger picture, up trend from 1.0351 (2022 low) is in progress. Next target is 61.8% projection of 1.0351 to 1.3141 from 1.2298 at 1.4022. For now, outlook will stay bullish as long as 1.3000 support holds, even in case of deep pullback.
