Daily Pivots: (S1) 1.3297; (P) 1.3359; (R1) 1.3444; More…
Further rally is expected in GBP/USD as long as 1.3277 support holds. Current rise should extend to retest 1.3433 high. Firm break there will confirm larger up trend resumption and target 100% projection of 1.2099 to 1.3206 from 1.2706 at 1.3813. Nevertheless, considering bearish divergence condition in 4H MACD, break of 1.3277 will indicate short term topping, and turn bias back to the downside for deeper pullback.
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could be the second leg. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.
