Daily Pivots: (S1) 1.3393; (P) 1.3417; (R1) 1.3443; More…
Intraday bias in GBP/USD stays neutral and further rally is expected with 1.3333 support intact. Above 1.3468 will extend larger up trend to 61.8% projection of 1.2706 to 1.3442 from 1.3138 at 1.3593, and then 100% projection at 1.1.3874. However, break of 1.3333 will turn bias back to the downside for 1.3138 support instead.
In the bigger picture, up trend from 1.3051 (2022 low) is still in progress. Decisive break of 1.3433 (2024 high) will confirm resumption. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Nevertheless, sustained trading below 55 D EMA (now at 1.3124) will delay the bullish case and bring more consolidations first.
