Daily Pivots: (S1) 1.3236; (P) 1.3279; (R1) 1.3347; More…
GBP/USD’s fall from 1.3442 short term top resumed after brief recovery and intraday bias is back on the downside. Deeper fall should be seen to 55 D EMA (now at 1.3063) and below. But downside should be contained by 38.2% retracement of 1.2099 to 1.3442 at 1.2929 to bring rebound. On the upside, above 1.3321 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could either be resuming the up trend, or the second leg of a consolidation pattern. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on decisive break of 1.3433 at a later stage.
