Daily Pivots: (S1) 1.3496; (P) 1.3517; (R1) 1.3546; More…
GBP/USD’s fall from 1.3725 resumed by breaking through 1.3451 temporary low and intraday bias is back on the downside. Corrective pattern from 1.3787 is in the third leg, and deeper fall should be seen to 1.3332 support first. On the upside, above 1.3535 minor resistance will turn intraday bias neutral again first.
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.
