Daily Pivots: (S1) 1.3505; (P) 1.3583; (R1) 1.3631; More…
GBP/USD’s fall from 1.3725 accelerates lower today, and immediate focus is now on 55 D EMA (now at 1.3488). Sustained break there will suggest that rebound from 1.3140 has completed as the second leg of the corrective pattern from 1.3787 high. The third leg has already started. Deeper fall should then be seen to 1.3332 support first. Break will target 1.3140 next. On the upside, break of 1.3725 will bring retest of 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 1.3151) holds, even in case of deep pullback.
. Sustained break there will suggest that rebound from 1.3140 has completed as the second leg of the corrective pattern from 1.3787 high. The third leg has already started. Deeper fall should then be seen to 1.3332 support first. Break will target 1.3140 next. On the upside, break of 1.3725 will bring retest of 1.3787 high.){kind=link}