Daily Pivots: (S1) 1.3250; (P) 1.3334; (R1) 1.3389; More…
Intraday bias in GBP/USD is back on the downside as fall from 1.3725 resumed through 1.3322. Deeper decline should be seen to 1.3140. Strong support is expected from there to bring rebound to complete the corrective pattern from 1.3787 high. On the upside, above 1.3394 minor resistance will turn intraday bias neutral again first.
In the bigger picture, rise from 1.0351 (2022 low) is still seen as a corrective move. Further rally could be seen to 61.8% projection of 1.0351 to 1.3433 (2024 high) from 1.2099 (2025 low) at 1.4004. But strong resistance could be seen from 1.4248 (2021 high) to limit upside. Sustained break of 55 W EMA (now at 1.3176) will argue that a medium term top has already formed and bring deeper fall back to 1.2099.
