Daily Pivots: (S1) 1.3411; (P) 1.3440; (R1) 1.3498; More…
Intraday bias in GBP/USD is turned neutral with current retreat. Correction from 1.3631 short term top could still extend. Break of 1.3381 will bring deeper fall to 38.2% retracement of 1.2076 to 1.3631 at 1.3278. Nevertheless, firm break of 1.3631 will resume larger up trend.
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.
