Daily Pivots: (S1) 1.2438; (P) 1.2489; (R1) 1.2577; More…
Intraday bias in GBP/USD remains mildly on the upside for the moment. Rebound from 1.2306 is in progress for retesting 1.2678 high. Decisive break there would resume larger up trend from 1.0351 to 1.2759 fibonacci level. Meanwhile, break of 1.2306 will resume the correction towards 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789)
In the bigger picture, as long as 1.1801 support holds, rise from 1.0351 medium term bottom (2022 low) is expected to extend further. Sustained break of 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759 will add to the case of long term bullish trend reversal. However, firm break of 1.1801 will indicate rejection by 1.2759, and bring deeper decline, even as a correction.
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