Daily Pivots: (S1) 1.3719; (P) 1.3794; (R1) 1.3923; More…
Intraday bias in GBP/USD remains on the upside for 100% projection of 1.3008 to 1.3567 from 1.3342 at 1.3901. Firm break there will pave the way to 161.8% projection at 1.4246, which is close to 1.4248 key structural resistance. On the downside, below 1.3712 minor support will turn intraday bias neutral again first. But retreat should be contained by 1.3567 resistance turned support to bring another rally.
In the bigger picture, rise from 1.0351 (2022 low) is resuming by breaking through 1.3787 high. Further rally should be seen to 1.4284 key resistance (2021 high). Decisive break there will add to the case of long term bullish trend reversal. For now, outlook will stay bullish as long as 1.3008 support holds, even in case of deep pullback.
