Daily Pivots: (S1) 1.2480; (P) 1.2539; (R1) 1.2590; More…
Intraday bias in GBP/USD is turned neutral with current recovery and some consolidations could be seen above 1.2486. But outlook will stay bearish as long as 1.2713 resistance holds. Break of 12487 will resume the fall from 1.3433 to 1.2298 cluster support zone.
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 1.2918) 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.
