Daily Pivots: (S1) 1.3555; (P) 1.3588; (R1) 1.3629; More…
GBP/USD’s rally from 1.3140 is still in progress and intraday bias remains on the upside for retesting 1.3787 high. Decisive break there will resume larger up trend to 1.4004 projection level. On the downside, below 1.3582 minor support will turn intraday bias neutral 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.
