Daily Pivots: (S1) 1.3436; (P) 1.3498; (R1) 1.3533; More…
Intraday bias in GBP/USD remains mildly on the downside at this point. Fall from 1.3725 is seen as the third leg of the corrective pattern from 1.3787 high. Further fall should be seen to 1.3332 support first. Break there will bring deeper fall to 1.3140. On the upside, though, above 1.3561 minor resistance will turn intraday bias neutral.
In the bigger picture, rise from 1.3051 (2022 low) is in progress, and would target 61.8% projection of 1.0351 to 1.3433 (2024 high) from 1.2099 (2025 low) at 1.4004. However, with 1.4248 resistance (2021 high) intact, this rally is more likely a corrective move. Sustained break of 55 W EMA (now at 1.3157) will argue that a medium term top has already formed and bring deeper fall back to 1.2099.
