Daily Pivots: (S1) 1.3420; (P) 1.3475; (R1) 1.3580; More…
GBP/USD’s strong rebound suggest that pullback from 1.3631 has already completed at 1.3369. Intraday bias is back on the upside for retesting 1.3631 first. Firm break there will resume larger rally to 1.4004 projection level next. Nevertheless, break of 1.3369 will extend the correction with another falling leg 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 1.2948) holds, even in case of deep pullback.
