Daily Pivots: (S1) 1.3329; (P) 1.3393; (R1) 1.3470; More…
GBP/USD’s break of 1.3343 support suggests that a medium term top was formed at 1.3867. Fall from there should at least be correcting the rise from 1.2009. Intraday bias stays on the downside for 38.2% retracement of 1.2099 to 1.3867 at 1.3192. Sustained break there will pave the way to 1.3008 support. 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.
