Daily Pivots: (S1) 1.2629; (P) 1.2658; (R1) 1.2707; More…
Intraday bias in GBP/USD is turned neutral as consolidation from 1.2596 extends. Outlook will stay bearish as long as 12.842 support turned resistance holds. Break of 1.2596 will resume the fall from 1.3433 to 100% projection of 1.3433 to 1.2842 to 1.3047 at 1.2456.
In the bigger picture, a medium term top should be in place at 1.3433, and price actions from there are correcting whole up trend from 1.0351 (2022 low). Deeper decline is now expected as long as 55 D EMA (now at 1.2977) holds, to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. Strong support should be seen there to bring rebound.
