Daily Pivots: (S1) 1.3145; (P) 1.3221; (R1) 1.3290; More…
GBP/USD’s breach of 1.3265 resistance suggests that larger rally is resuming. Intraday bias is mildly on the upside at this point, and further rise should be seen to 1.3364 projection level next. On the downside, however, break of 1.3145 support will turn bias to the downside for deeper pullback to 1.3000 support next.
In the bigger picture, up trend from 1.0351 (2022 low) is in progress. Next target is 38.2% projection of 1.0351 to 1.3141 from 1.2298 at 1.3364. For now, outlook will stay bullish as long as 1.2664 support holds, even in case of deep pullback.
