Daily Pivots: (S1) 1.3167; (P) 1.3225; (R1) 1.3263; More…
Intraday bias in GBP/USD remains on the downside as fall from 1.3787 short term top is in progress for 100% projection of 1.3787 to 1.3363 from 1.3587 at 1.3163. Firm break there will target 161.8% projection 1.2901 next. On the upside, above 1.3281 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.3363 support turned resistance holds, in case of recovery.
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 1.3045) holds, even in case of deep pullback.
