Daily Pivots: (S1) 1.2744; (P) 1.2761; (R1) 1.2788; More…
GBP/USD’s rally from 1.2298 resumed after brief retreat and intraday bias is back on the upside. Further rally should be seen to 1.2892 resistance next. On the downside, below 1.2670 will turn bias to the downside for deeper pull back.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2445 support will extend the corrective pattern with another decline instead.
