Daily Pivots: (S1) 1.3290; (P) 1.3347; (R1) 1.3379; More…
Intraday bias in GBP/USD stays on the downside at this point. Fall from 1.3657 would extend to retest 1.3158 support. Decisive break there will target 100% projection of 1.3867 to 1.3158 from 1.3657 at 1.2948. On the upside, above 1.3392 minor resistance will turn intraday bias neutral again first.
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 in favor for a later stage, towards 1.4248 key resistance (2021 high). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
