Daily Pivots: (S1) 1.3477; (P) 1.3502; (R1) 1.3527; More…
Intraday bias in GBP/USD stays neutral and more consolidations could be seen below 1.3533 temporary top. Deeper retreat cannot be ruled out. But further rally is expected as long as 1.3356 support holds. Above 1.3533 will resume the rally from 1.3008 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.
