Daily Pivots: (S1) 1.2840; (P) 1.2872; (R1) 1.2935; More…
GBP/USD falls sharply after hitting 1.2994 and intraday bias is turned neutral again. On the downside, break of 1.2796 will resume the fall from 1.3141 to 55 D EMA (now at 1.2721) and possibly below. On the upside, above 1.2994 will resume the rebound from 1.2796 and target a test on 1.3141 high instead.
In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal..
 and possibly below. On the upside, above 1.2994 will resume the rebound from 1.2796 and target a test on 1.3141 high instead.){kind=link}