Daily Pivots: (S1) 1.3436; (P) 1.3483; (R1) 1.3517; More…
GBP/USD’s retreat from 1.3533 extends lower today but stays above 1.3356 support. Intraday bias remains neutral and further rally remains in favor. Above 1.3533 will resume the rally from 1.3008 to retest 1.3787 high. However, firm break of 1.3356 will turn bias back to the downside for deeper pullback.
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.
