Daily Pivots: (S1) 1.3508; (P) 1.3544; (R1) 1.3574; More…
GBP/USD is still staying below 1.3657 despite today’s rebound. Intraday bias is remains neutral for the moment. With 1.3453 support intact, further rise is expected. On the upside, above 1.3657 will target 61.8% projection of 1.3158 to 1.3598 from 1.3453 at 1.3725 first. Firm break there will target a retest on 1.3867 high. However, break of 1.3453 will turn bias back to the downside for 1.3158 support 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 in favor for a later stage, towards 1.4248 key resistance (2021 high).
