Daily Pivots: (S1) 1.3610; (P) 1.3635; (R1) 1.3679; More…
Range trading continues in GBP/USD and intraday bias remains neutral at this point. On the upside, firm break of 1.3732 will suggest that pullback from 1.3867 has completed as a correction at 1.3507. Retest of 1.3867 should be seen first. Firm break there will resume larger up trend towards 1.4284 key resistance. On the downside, however, sustained trading below 55 D EMA (now at 1.3511) will raise the chance of larger scale correction, and target 1.3342 support for confirmation.
In the bigger picture, rise from 1.0351 (2022 low) still in progress and should target 1.4284 key resistance (2021 high). Decisive break there will add to the case of long term bullish trend reversal. For now, outlook will stay bullish as long as 1.3008 support holds, even in case of deep pullback.
 will raise the chance of larger scale correction, and target 1.3342 support for confirmation.){kind=link}