Daily Pivots: (S1) 1.3434; (P) 1.3471; (R1) 1.3539; More…
Intraday bias in GBP/USD remains on the upside for 1.3567 resistance. Firm break there will resume the rally from 1.3008 to retest 1.3787 high. For now, risk will stay on the upside as long as 1.3342 support holds, in case of retreat.
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.
