Daily Pivots: (S1) 1.3463; (P) 1.3522; (R1) 1.3554; More…
GBP/USD’s fall from 1.3867 is still in progress and intraday bias stays on the downside. Current development suggests that the decline is at least correcting the uptrend from 1.2099. Break of 1.3342 support will solidify this case, and target 161.8% projection of 1.3867 to 1.3507 from 1.3711 at 1.3129. For now, risk will stay on the downside as long as 1.3711 resistance holds, in case of recovery.
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.
