Daily Pivots: (S1) 1.3167; (P) 1.3225; (R1) 1.3263; More…
GBP/USD rebounded strongly after hitting 100% projection of 1.3787 to 1.3363 from 1.3587 at 1.3163. Intraday bias is turned neutral first. On the upside, sustained break of 1.3363 resistance turned support will argue that correction from 1.3787 has already completed with three waves down to 1.3140. Further rally should be seen to 1.3587 resistance next. On the downside, firm break of 1.3163 will target 161.8% projection 1.2901 next.
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.
