Daily Pivots: (S1) 1.2235; (P) 1.2263; (R1) 1.2314; More
GBP/USD’s break of 1.2270 resistance suggests that a short term bottom was already formed at 1.2036, after hitting 1.2075 fibonacci level. Intraday bias is back on the upside. Firm break of near term channel resistance (now at 1.2347) will target 38.2% retracement of 1.3141 to 1.2036 at 1.2458 next. Nevertheless, break of 1.2161 minor support will revive near term bearishness and bring retest of 1.2036 low.
In the bigger picture, fall from 1.3141 medium term top could still be a correction to up trend from 1.0351 (2022 low) only. But risk of complete trend reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the way to 61.8% retracement at 1.1417. For now, risk will stay on the downside as long as 55 D EMA (now at 1.2440) holds, in case of rebound.
 will target 38.2% retracement of 1.3141 to 1.2036 at 1.2458 next. Nevertheless, break of 1.2161 minor support will revive near term bearishness and bring retest of 1.2036 low.){kind=link}