Daily Pivots: (S1) 1.3105; (P) 1.3162; (R1) 1.3207; More…
Intraday bias in GBP/USD remains on the downside with focus on 1.3140 cluster (38.2% retracement of 1.2099 to 1.3787 at 1.3142). Decisive break there will complete a double top pattern (1.3787/3725) and turn near term outlook bearish. Deeper decline should then be seen to 61.8% retracement at 1.2744 next. On the upside, above 1.3247 support turned resistance will turn intraday bias neutral 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 emerge from 1.4248 (2021 high) to limit upside. Sustained break of 55 W EMA (now at 1.3191) will argue that a medium term top has already formed and bring deeper fall back to 1.2099.
. Decisive break there will complete a double top pattern (1.3787/3725) and turn near term outlook bearish. Deeper decline should then be seen to 61.8% retracement at 1.2744 next. On the upside, above 1.3247 support turned resistance will turn intraday bias neutral first.){kind=link}