Daily Pivots: (S1) 1.3434; (P) 1.3471; (R1) 1.3539; More…
Breach of 1.3494 resistance suggests that GBP/USD’s pullback from 1.3567 has completed at 1.3342. Intraday bias is back on the upside for 1.3567. Firm break there will resume the rally from 1.3008 to retest 1.3787 high. However, break of 1.3342 will resume the fall from 1.3567 towards 1.3008.
In the bigger picture, price actions from 1.3787 (2025 high) are seen as a correction to the larger up trend from 1.3051 (2022 low). Deeper decline could be seen as the pattern extends, but downside should be contained by 38.2% retracement of 1.0351 to 1.3787 at 1.2474 to bring rebound. Break of 1.3787 for up trend resumption is expected at a later stage.
