Daily Pivots: (S1) 1.3349; (P) 1.3393; (R1) 1.3432; More…
Intraday bias in GBP/USD remains on the upside as rise from 1.3008 is in progress. As noted before, fall from 1.3787 should have completed as a three-wave correction to 1.3008. Firm break of 1.3470 resistance will pave the way to retest 1.3787 high. Further rally is expected as long as 1.3286 support holds, in case of retreat.
In the bigger picture, current development suggests that fall from 1.3787 is merely a corrective move, and larger rise from 1.0351 (2022 low) is still in progress. Firm break of 1.3787 will target 1.4248 (2021 high) key structural resistance. This will remain the favored case as long as target 38.2% retracement of 1.0351 to 1.3787 at 1.2474 holds, in case of another fall.
