Daily Pivots: (S1) 1.3023; (P) 1.3038; (R1) 1.3067; More…
Intraday bias in GBP/USD is turned neutral with current recovery, and some consolidations would be seen above 1.3008. But risk will stay on the downside as long as 1.3247 support turned resistance holds. Below 1.3008 will resume the fall from 1.3787 and target 61.8% retracement of 1.2099 to 1.3787 at 1.2744 next. Sustained break there will pave the way to 1.2099 support next.
In the bigger picture, the break of 55 W EMA (now at 1.3185) is taken as the first sign that corrective rise from 1.0351 (2022 low) has completed. Decisive break of trend line support (now at 1.2780) will solidify this case and target 38.2% retracement of 1.0351 to 1.3787 at 1.2474 next. Meanwhile, in case of another rise, strong resistance should emerge below 1.4248 (2021 high) to cap upside to preserve the long term down trend.
