Daily Pivots: (S1) 1.3353; (P) 1.3410; (R1) 1.3442; More…
GBP/USD recovers mildly ahead of 1.3369 support and intraday bias remains neutral. Outlook is unchanged that strong support is expected from 1.3369 to complete the correction from 1.3787. On the upside, break of 1.3561 support turned resistance will bring retest of 1.3787 high first. Firm break there will resume larger up trend to 100% projection of 1.2099 to 1.3206 from 1.3138 at 1.3813. However, sustained break of 1.3369 will bring deeper correction back to 1.2706/3206 support zone.
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 1.3019) holds, even in case of deep pullback.
