Daily Pivots: (S1) 1.3334; (P) 1.3389; (R1) 1.3499; More…
Intraday bias in GBP/USD is back on the upside with breach of 1.3422. Immediate focus is now on 1.3433 key resistance. Firm break there will confirm larger up trend resumption. Next near term target is 61.8% projection of 1.2706 to 1.3422 from 1.3232 at 1.3674. However, break of 1.3232 support will indicate rejection from 1.3433, and bring deeper decline back to 55 D EMA (now at 1.2978) and possibly below.
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could either be resuming the up trend, or the second leg of a consolidation pattern. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.
 and possibly below.){kind=link}