Daily Pivots: (S1) 1.3316; (P) 1.3342; (R1) 1.3376; More…
Intraday bias in GBP/USD is turned neutral with 4H MACD crossed above signal line. Some consolidations would be seen but risk will stay on the downside as long as 1.3587 resistance holds. Fall from 1.3787 is seen as a correction to the whole rise from 1.2099. Below 1.3306 will target 100% projection of 1.3787 to 1.3363 from 1.3587 at 1.3163.
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.
