Daily Pivots: (S1) 1.3432; (P) 1.3471; (R1) 1.3494; More…
Intraday bias in GBP/USD stays neutral at this point. While correction from 1.3594 might extend lower, down side should be contained by 1.3399 support. On the upside, break of 1.3594 will resume the rise from 1.3140 to retest 1.3787 high. However, firm break of 1.3398 will argue that the corrective pattern from 1.3787 is extending with another falling leg. Deeper decline should the be seen back towards 1.3140.
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 1.3090) holds, even in case of deep pullback.
