Daily Pivots: (S1) 1.3388; (P) 1.3433; (R1) 1.3465; More…
Intraday bias in GBP/USD remains on the downside at this point. Fall from 1.3631 short term top is in progress for 55 D EMA (now at 1.3330). Strong support could be seen there to bring rebound. On the upside, above 1.3475 minor resistance will turn intraday bias neutral first. However, sustained break of 55 D EMA will bring deeper correction to 38.2% retracement of 1.2706 to 1.3631 at 1.3278.
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 1.2937) holds, even in case of deep pullback.
. Strong support could be seen there to bring rebound. On the upside, above 1.3475 minor resistance will turn intraday bias neutral first. However, sustained break of 55 D EMA will bring deeper correction to 38.2% retracement of 1.2706 to 1.3631 at 1.3278.){kind=link}