Daily Pivots: (S1) 1.3422; (P) 1.3451; (R1) 1.3491; More…
Intraday bias in GBP/USD remains neutral and more consolidations could be seen below 1.3483 temporary top. On the upside, above 1.3483 will resume the rebound from 1.3158, and target 61.8% retracement of 1.3867 to 1.3158 at 1.3596. Firm break there will bring retest of 1.3867 high. Nevertheless, sustained break of 55 4H EMA (now at 1.3355) will bring retest of 1.3158 instead.
In the bigger picture, current development suggests that price actions from 1.3867 are merely a corrective pattern within the broader up trend from 1.0351 (2022 low). With 1.3008 support intact, medium term bullishness is maintained and break of 1.3867 is back in favor for a later stage, towards 1.4248 key resistance (2021 high).
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