Daily Pivots: (S1) 1.3223; (P) 1.3297; (R1) 1.3345; More…
Intraday bias in GBP/USD stays on the downside for 1.3140 cluster (38.2% retracement of 1.2099 to 1.3787 at 1.3142). Strong support is expected there to contain downside to complete the corrective pattern from 1.3787. On the upside, above 1.3290 minor resistance will turn intraday bias neutral first. However, decisive break of 1.3140/2 will complete a double top pattern (1.3787/3725) and turn near term outlook bearish.
In the bigger picture, rise from 1.0351 (2022 low) is still seen as a corrective move. Further rally could be seen to 61.8% projection of 1.0351 to 1.3433 (2024 high) from 1.2099 (2025 low) at 1.4004. But strong resistance could emerge from 1.4248 (2021 high) to limit upside. Sustained break of 55 W EMA (now at 1.3191) will argue that a medium term top has already formed and bring deeper fall back to 1.2099.
. Strong support is expected there to contain downside to complete the corrective pattern from 1.3787. On the upside, above 1.3290 minor resistance will turn intraday bias neutral first. However, decisive break of 1.3140/2 will complete a double top pattern (1.3787/3725) and turn near term outlook bearish.){kind=link}