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Daily Pivots: (S1) 1.3405; (P) 1.3467; (R1) 1.3509; More…
Intraday bias in GBP/USD stays on the downside and outlook is unchanged. . Fall from 1.3725, as the third leg of the corrective pattern from 1.3787, is in progress to 1.3332 support. Break there will target 1.3140. For now, risk will remain on the downside as long as 1.3535 resistance holds, in case of recovery.
In the bigger picture, rise from 1.3051 (2022 low) is in progress, and would target 61.8% projection of 1.0351 to 1.3433 (2024 high) from 1.2099 (2025 low) at 1.4004. However, with 1.4248 resistance (2021 high) intact, this rally is more likely a corrective move. Sustained break of 55 W EMA (now at 1.3157) will argue that a medium term top has already formed and bring deeper fall back to 1.2099.
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