Daily Pivots: (S1) 1.3469; (P) 1.3500; (R1) 1.3522; More…
GBP/USD’s correction from 1.3594 is still in progress and deeper fall cannot be ruled out. But downside should be contained well above 1.3398 support. On the upside, break of 1.3594 will resume the rise from 1.3140 to retest 1.3787 high.
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 1.3090) holds, even in case of deep pullback.
