Daily Pivots: (S1) 1.3500; (P) 1.3539; (R1) 1.3572; More…
GBP/USD falls notably today, but stays inside range of 1.3446/3598. Intraday bias remains neutral and further rise is still in favor. On the upside, firm break of 61.8% retracement of 1.3867 to 1.3158 at 1.3596 will pave the way to retest 1.3867 high. However, break of 1.3446 will turn bias back to the downside for deeper pullback.
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).
