Daily Pivots: (S1) 1.3454; (P) 1.3502; (R1) 1.3589; More…
GBP/USD’s rally resumed by breaking through 1.3533 and intraday bias is back on the upside. Next target is 1.3787 high. Near term outlook will stay bullish as long as 1.3401 support holds, in case of recovery.
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.
