Daily Pivots: (S1) 1.3420; (P) 1.3475; (R1) 1.3580; More…
Intraday bias in GBP/USD remains on the upside for the moment. Decisive break of 1.3631 resistance will resume larger rally. Next target is 1.4004 projection level. Nevertheless, break of 1.3369 will extend the corrective pattern from 1.3631 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.
