Daily Pivots: (S1) 1.3111; (P) 1.3137; (R1) 1.3164; More…
Intraday bias in GBP/USD remains on the downside for the moment. Current fall from 1.3787 should now target 61.8% retracement of 1.2099 to 1.3787 at 1.2744 next. Sustained break there will pave the way to 1.2099 support next. On the upside, above 1.3161 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.3247 support turned resistance holds, in case of recovery.
In the bigger picture, rise from 1.0351 (2022 low) is still seen as a corrective move. Sustained trading below 55 W EMA (now at 1.3185) will argue that a medium term top has already formed and bring deeper fall back to 1.2099. Firm break there will confirm bearish reversal. In case of another rise, strong resistance should emerge below 1.4248 (2021 high) to cap upside.
