Daily Pivots: (S1) 1.2176; (P) 1.2242; (R1) 1.2310; More…
GBP/USD is staying in consolidation above 1.2099 and intraday bias remains neutral. Outlook remains bearish with 1.2486 support turned resistance intact. Larger fall from 1.3433 is still expected to continue. On the downside, break of 1.2099 will resume the decline to 100% projection of 1.3433 to 1.2486 from 1.2810 at 1.1863.
In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433, and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move.
