Daily Pivots: (S1) 1.2052; (P) 1.2123; (R1) 1.2189; More…
Despite recovering to 1.2192, GBP/USD failed to sustain above 4 hour 55 EMA and retreated. Intraday bias is turned neutral again. On the upside, break of 1.2192 will affirm the case that corrective pattern from 1.2445 has completed with three waves to 1.1960. Further rise would be seen back to 1.2445/6. Decisive break there will resume larger rise from 1.0351. On the downside, through break of 1.1960 will extend the corrective pattern with another fall to 1.1840 support and possibly below.
In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.
