Daily Pivots: (S1) 1.3480; (P) 1.3540; (R1) 1.3575; More…
GBP/USD is still extending consolidations below 1.3598 and intraday bias remains neutral. Further rise is in favor as long as 1.3379 support holds. Sustained break of 61.8% retracement of 1.3867 to 1.3158 at 1.3596 will pave the way to retest 1.3867 high. However, firm break of 1.3379 will bring deeper fall back to 1.3158 low 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).
