Daily Pivots: (S1) 1.3290; (P) 1.3347; (R1) 1.3379; More…
Intraday bias in GBP/USD is turned neutral first with current recovery, and some consolidations would be seen above 1.3300 temporary low. Further fall is expected as long as 55 4H EMA (now at 1.3483) holds. Below 1.3300 will target a retest on 1.3158 support first. Decisive break there will target 100% projection of 1.3867 to 1.3158 from 1.3657 at 1.2948. However, sustained break of the EMA will dampen the bearish case and turn bias back to the upside for 1.3657 resistance 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). However, firm break of 1.3008 will at least bring deeper fall to 38.2% retracement of 1.0351 to 1.3867 at 1.2524, with increased risk of bearish reversal.
