Daily Pivots: (S1) 1.3303; (P) 1.3336; (R1) 1.3389; More…
GBP/USD’s break of 1.3363 support turned resistance suggests that correction from 1.3787 has completed with three waves down to 1.3140. Intraday bias is back on the upside for 1.3587 resistance. Firm break there will target 1.3787 high. On the downside, though, below 1.3258 will bring deeper fall back to 38.2% retracement of 1.2099 to 1.3787 at 1.3142.
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 1.3049) holds, even in case of deep pullback.
