Daily Pivots: (S1) 1.3474; (P) 1.3499; (R1) 1.3542; More…
Intraday bias in GBP/USD remains on the upside. Current rise from 1.3008 should target a retest on 1.3787 high. On the downside, below 1.3469 minor support will turn intraday bias neutral first. But risk will stay on the upside as long as 1.3356 support holds, in case of retreat.
In the bigger picture, current development suggests that fall from 1.3787 is merely a corrective move, and larger rise from 1.0351 (2022 low) is still in progress. Firm break of 1.3787 will target 1.4248 (2021 high) key structural resistance. This will remain the favored case as long as target 38.2% retracement of 1.0351 to 1.3787 at 1.2474 holds, in case of another fall.
