Daily Pivots: (S1) 1.3449; (P) 1.3478; (R1) 1.3517; More…
Intraday bias in GBP/USD remains on the downside with focus on 1.3342 structural support. Decisive break there should confirm that fall from 1.3867 is already correcting the whole rise from 1.2099. In this case, deeper fall should be seen to 1.3008 support next. For now, risk will stay on the downside as long as 1.3574 resistance holds, in case of recovery.
In the bigger picture, as long as 1.3008 support holds, rise from 1.3051 (2022 low) should still be in progress for 1.4284 key resistance (2021 high). Decisive break there will add to the case of long term bullish trend reversal. However, firm break of 1.3008 will raise the chance of medium term bearish reversal and target 1.2099 support next.
