Daily Pivots: (S1) 1.3422; (P) 1.3466; (R1) 1.3551; More…
Intraday bias in GBP/USD remains on the upside for 61.8% retracement of 1.3867 to 1.3158 at 1.3596. Decisive break there will extend the rise from 1.3158 to retest 1.3867 high. For now, further rally will remain in favor as long as 1.3379 support holds, in case of retreat.
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).
