Daily Pivots: (S1) 1.3266; (P) 1.3345; (R1) 1.3438; More…
Intraday bias in GBP/USD remains on the downside at this point. Fall from 1.3867 should at least be correcting the rise from 1.2009. Deeper fall should be seen to 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.
