Daily Pivots: (S1) 1.2187; (P) 1.2248; (R1) 1.2283; More
Intraday bias in GBP/USD remains on the downside at this point. Corrective rebound from 1.2036 could have completed at 1.2426 already, just ahead of 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Deeper fall would be seen back to retest 1.2036/68 support zone first. However, on the upside, break of 1.2307 minor resistance will dampen this bearish case, and turn intraday bias neutral first.
In the bigger picture, price actions from 1.3141 medium term top are seen as a correction to up trend from 1.3051 (2022 low). Strong rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will argue that it’s a sideway pattern only. However, sustained break of 1.2036 will indicate that it’s a deeper correction that would target 61.8% at 1.1417 before completion.
