Daily Pivots: (S1) 1.3320; (P) 1.3386; (R1) 1.3422; More…
Intraday bias in GBP/USD remains on the downside for the moment. Fall from 1.3787 is seen as correcting whole rise from 1.2099. Deeper fall would be seen to 100% projection of 1.3787 to 1.3363 from 1.3587 at 1.3163. On the upside, above 1.3415 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.3587 resistance holds, in case of recovery.
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 1.3045) holds, even in case of deep pullback.
