Daily Pivots: (S1) 1.3536; (P) 1.3577; (R1) 1.3612; More…
Intraday bias in GBP/USD is turned neutral with current retreat. Some consolidations could be seen but further rally is expected as long as 1.3414 support holds. Break of 1.3615 will resume larger rally to 100% projection of 1.2706 to 1.3442 from 1.3138 at 1.3874. However, break of 1.3414 will turn bias back to the downside for deeper pullback to 1.3138 support.
In the bigger picture, up trend from 1.3051 (2022 low) is in progress. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Outlook will now stay bullish as long as 55 W EMA (now at 1.2866) holds, even in case of deep pullback.
