Daily Pivots: (S1) 1.3514; (P) 1.3547; (R1) 1.3586; More…
Intraday bias in GBP/USD remains neutral as consolidations continues below 1.3615. Further rise will remain in favor as long as 1.3414 support holds. Above 1.3615 will target 100% projection of 1.2099 to 1.3206 from 1.3138 at 1.3813. Considering bearish divergence condition in 4H MACD, break of 1.3414 support should confirm short term topping, and bring deeper correction to 1.3138 support instead.
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 1.2913) holds, even in case of deep pullback.
