Daily Pivots: (S1) 1.3349; (P) 1.3393; (R1) 1.3432; More…
Intraday bias in GBP/USD is turned neutral with current retreat, and some consolidations would be seen below 1.3438 temporary top. But further rally is expected with 1.3286 support intact. As noted before, fall from 1.3787 should have completed as a three-wave correction to 1.3008. Above 1.3438 will target 1.3470 resistance. Firm break there will pave the way to retest 1.3787 high.
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.
