Daily Pivots: (S1) 1.3449; (P) 1.3478; (R1) 1.3517; More…
GBP/USD’s decline from 1.3867 resumed by breaking through 1.3432 today, and intraday bias is back on the downside. Firm break of 1.3342 support should confirm that confirm that it’s already correcting the whole rise from 1.2099. In this case, deeper fall should be seen to 1.3008 support next. For now, risk will stay on the downside as long as 1.3574 resistance holds, in case of recovery.
In the bigger picture, as long as 1.3008 support holds, rise from 1.3051 (2022 low) should still be in progress for 1.4284 key resistance (2021 high). Decisive break there will add to the case of long term bullish trend reversal. However, firm break of 1.3008 will raise the chance of medium term bearish reversal and target 1.2099 support next.
