Daily Pivots: (S1) 1.2547; (P) 1.2568; (R1) 1.2602; More…
Intraday bias in GBP/USD remains on the upside for retesting 1.2678 high. Firm break there will resume larger up trend to 1.2759 fibonacci level next. On the downside, however, break of 1.2532 minor support will turn bias back to the downside, to extend the pattern from 1.2678 with another falling leg back towards 1.2306 support instead.
In the bigger picture, as long as 1.1801 support holds, rise from 1.0351 medium term bottom (2022 low) is expected to extend further. Sustained break of 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759 will add to the case of long term bullish trend reversal. However, firm break of 1.1801 will indicate rejection by 1.2759, and bring deeper decline, even as a correction.
