Daily Pivots: (S1) 1.3471; (P) 1.3496; (R1) 1.3538; More…
Intraday bias in GBP/USD stays neutral for the moment. On the downside, below 1.3451 will resume the fall from 1.3725, as the third leg of the pattern from 1.3787, and target 1.3332 support first. Nevertheless, decisive break of 1.3561 will turn bias back to the upside for retesting 1.3725 instead.
In the bigger picture, rise from 1.3051 (2022 low) is in progress, and would target 61.8% projection of 1.0351 to 1.3433 (2024 high) from 1.2099 (2025 low) at 1.4004. However, with 1.4248 resistance (2021 high) intact, this rally is more likely a corrective move. Sustained break of 55 W EMA (now at 1.3157) will argue that a medium term top has already formed and bring deeper fall back to 1.2099.
