Daily Pivots: (S1) 1.3431; (P) 1.3487; (R1) 1.3584; More…
GBP/USD is still bounded in range of 1.3389/3594 and intraday bias stays neutral. Overall, price actions from 1.3787 high are seen as a corrective pattern. On the upside, break of 1.3594 will resume the rebound from 1.3140 to retest 1.3787 high. Firm break there will resume the larger up trend. For now, risk will stay on the upside as long as 1.3389 support holds, in case of retreat.
In the bigger picture, up trend from 1.3051 (2022 low) is in progress. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Outlook will now stay bullish as long as 55 W EMA (now at 1.3073) holds, even in case of deep pullback.
