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Daily Pivots: (S1) 1.3205; (P) 1.3249; (R1) 1.3285; More…
A temporary top is formed at 1.3291 after GBP/USD failed to break through near term channel resistance and retreated. Some consolidations would be seen first, but further rally is expected as long as 55 4H EMA (now at 1.3078) holds. Above 1.3291 will resume the rise from 1.2099 to 61.8% projection of 1.2099 to 1.3206 from 1.2706 at 1.3390, and possibly further to 1.3433 high. However, sustained break of 55 4H EMA will turn bias back to the downside for deeper pullback.
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 be the second leg. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.
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