Daily Pivots: (S1) 1.3364; (P) 1.3480; (R1) 1.3545; More…
Intraday bias GBP/USD remains mildly on the downside. Fall from 1.3631 short term top is in progress for 55 D EMA (now at 1.3328). Strong support could be seen there to bring rebound. However, sustained break there will bring deeper correction to 38.2% retracement of 1.2706 to 1.3631 at 1.3278.
In the bigger picture, up trend from 1.3051 (2022 low) is in progress. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Outlook will now stay bullish as long as 55 W EMA (now at 1.2937) holds, even in case of deep pullback.
. Strong support could be seen there to bring rebound. However, sustained break there will bring deeper correction to 38.2% retracement of 1.2706 to 1.3631 at 1.3278.){kind=link}