Daily Pivots: (S1) 1.3530; (P) 1.3556; (R1) 1.3587; More…
GBP/USD’s rally from 1.3140 resumed by breaking through 1.3594 and intraday bias is back on the upside. Further rise should be seen to retest 1.3787 high. Decisive break there will resume larger up trend to 1.4004 projection level. On the downside, below 1.3523 support will turn intraday bias neutral again first.
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 1.3151) holds, even in case of deep pullback.
