Daily Pivots: (S1) 1.3476; (P) 1.3533; (R1) 1.3562; More…
Intraday bias in GBP/USD stays neutral for the moment, and some consolidations would be seen. Further rise is expected as long as 1.3363 support holds. Above 1.3587 will turn bias back to the upside for retesting 1.3787 first. However, sustained break of 1.3363 will argue that it’s already correcting the whole rally from 1.2099, and target 1.3206 resistance turned support.
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 1.3017) holds, even in case of deep pullback.
