Daily Pivots: (S1) 1.3293; (P) 1.3389; (R1) 1.3492; More…
Intraday bias in GBP/USD is turned neutral first with current retreat. Fall from 1.3867 could have completed as a correction at 1.3158 already. Above 1.3483 will target 61.8% retracement of 1.3867 to 1.3158 at 1.3596. Firm break there will bring retest of 1.3867 high. Nevertheless, sustained break of 55 4H EMA (now at 1.3304) will dampen this bullish view and bring retest of 1.3158 instead.
In the bigger picture, current development suggests that price actions from 1.3867 are merely a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is back in favor for a later stage, towards 1.4248 key resistance (2021 high).
 will dampen this bullish view and bring retest of 1.3158 instead.){kind=link}