Daily Pivots: (S1) 1.3188; (P) 1.3205; (R1) 1.3231; More…
Intraday bias in GBP/USD is back on the upside as rebound from 1.3008 resumes. The break of 55 D EMA (now at 1.3263) suggests that fall from 1.3787 has completed as a correction. Further rise should be seen to 1.3470 resistance first. Break there will target 1.3725/3787 resistance zone. For now, risk will stay on the upside as long as 1.3718 support holds, in case of retreat.
In the bigger picture, the break of 55 W EMA (now at 1.3184) is taken as the first sign that corrective rise from 1.0351 (2022 low) has completed. Decisive break of trend line support (now at 1.2760) 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.
 suggests that fall from 1.3787 has completed as a correction. Further rise should be seen to 1.3470 resistance first. Break there will target 1.3725/3787 resistance zone. For now, risk will stay on the upside as long as 1.3718 support holds, in case of retreat.){kind=link}