Daily Pivots: (S1) 1.3383; (P) 1.3429; (R1) 1.3455; More…
Intraday bias in GBP/USD stays neutral for the moment. On the downside, firm break of 1.3363/9 will suggest that fall from 1.3787 short term top is already correcting the rise from 1.2099. Deeper decline should then be seen to 1.3138 cluster support (38.2% retracement of 1.2099 to 1.3787 at 1.3142). However, strong rebound from current level will retain near term bullishness. Break of 1.3561 support turned resistance will bring retest of 1.3787 high.
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 1.3017) holds, even in case of deep pullback.
. However, strong rebound from current level will retain near term bullishness. Break of 1.3561 support turned resistance will bring retest of 1.3787 high.){kind=link}