Daily Pivots: (S1) 1.3535; (P) 1.3560; (R1) 1.3604; More…
GBP/USD’s break of 1.3561 support turned resistance suggests that correction from 1.3787 has completed at 1.3363 already. Intraday bias is back on the upside for retesting 1.3787. Firm break there will resume whole rally from 1.2099 to 1.4004 fibonacci level. For now, risk will stay on the upside as long as 1.3363 support holds, in case of retreat.
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.
