Daily Pivots: (S1) 1.3283; (P) 1.3344; (R1) 1.3421; More…
Intraday bias in GBP/USD stays mildly on the upside for the moment. Decisive break of 1.3433/42 key resistance zone will confirm larger up trend resumption. On the downside, though, below 1.3249 support will extend the corrective pattern from 1.3442 with another falling leg.
In the bigger picture, up trend from 1.3051 (2022 low) is still in progress. Decisive break of 1.3433 (2024 high) will confirm resumption. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Nevertheless, sustained trading below 55 D EMA (now at 1.3112) will delay the bullish case and bring more consolidations first.
