Daily Pivots: (S1) 1.3183; (P) 1.3284; (R1) 1.3341; More…
Intraday bias in GBP/USD remains on the downside at this point. Fall from 1.3787, as a correction to rise from 1.2099, is in progress. Deeper decline should be seen to 100% projection of 1.3787 to 1.3363 from 1.3587 at 1.3163. On the upside, above 1.3385 minor resistance will turn intraday bias neutral again first.
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.
