Daily Pivots: (S1) 1.2134; (P) 1.2175; (R1) 1.2198; More…
GBP/USD’s decline is still in progress and intraday bias stays on the downside. Fall from 1.3141 should target 1.2075 fibonacci level. Decisive break there would carry larger bearish implication and target 1.1801 support next. On the upside, above 1.2232 minor resistance will turn intraday bias neutral and bring consolidations. But near term outlook will stay bearish as long as 1.2618 support turned resistance holds, in case of strong recovery.
In the bigger picture, fall from 1.3141 medium term top could still be a correction to up trend from 1.0351 (2022 low) only. But risk of complete trend reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the way to 61.8% retracement at 1.1417. For now, risk will stay on the downside as long as 55 D EMA (now at 1.2541) holds, in case of rebound.
