Daily Pivots: (S1) 1.3398; (P) 1.3438; (R1) 1.3502; More…
GBP/USD’s rally from 1.3008 resumed by breaking through 1.3455 and intraday bias is back on the upside. Further rise should be seen to retest 1.3787 high. For now, risk will stay on the upside as long as 1.3356 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.
