Daily Pivots: (S1) 1.3422; (P) 1.3467; (R1) 1.3492; More…
GBP/USD’s fall from 1.3631 short term top resume by breaking 1.3381 temporary low. Intraday bias is back on the downside for 38.2% retracement of 1.2076 to 1.3631 at 1.3278. Strong support should be seen there to bring rebound. Break of 1.3509 resistance will turn bias back to the upside for retesting 1.3631 high. However, decisive break of 1.3278 will suggests that larger scale correction is underway and target 1.3206 resistance turned support and below.
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 1.2948) holds, even in case of deep pullback.
