Daily Pivots: (S1) 1.3202; (P) 1.3259; (R1) 1.3363; More…
Intraday bias in GBP/USD remains neutral first. On the upside, break of 1.3221 resistance will indicate that pullback from 1.3442 has completed. Retest of 1.3433/42 resistance zone should be seen next. Firm break there will resume larger up trend. On the downside, below 1.3138 will resume the correction. But downside should be contained by 38.2% retracement of 1.2099 to 1.3442 at 1.2929 to bring rebound.
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 either be resuming the up trend, or the second leg of a consolidation pattern. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on decisive break of 1.3433 at a later stage.
