Daily Pivots: (S1) 1.3162; (P) 1.3204; (R1) 1.3282; More…
GBP/USD’s break of 1.3247 support turned resistance suggests that fall from 1.3787 has completed as a three-wave correction at 1.3008. Intraday bias is back on the upside. Sustained break above 55 D EMA (now at 1.3268) should confirm and target a retest on 1.3725/3787 resistance zone. For now, risk will remain on the upside as long as 1.3008 support holds, in case of retreat.
In the bigger picture, the break of 55 W EMA (now at 1.3184) is taken as the first sign that corrective rise from 1.0351 (2022 low) has completed. Decisive break of trend line support (now at 1.2760) will solidify this case and target 38.2% retracement of 1.0351 to 1.3787 at 1.2474 next. Meanwhile, in case of another rise, strong resistance should emerge below 1.4248 (2021 high) to cap upside to preserve the long term down trend.
 should confirm and target a retest on 1.3725/3787 resistance zone. For now, risk will remain on the upside as long as 1.3008 support holds, in case of retreat.){kind=link}