Daily Pivots: (S1) 1.2104; (P) 1.2164; (R1) 1.2206; More
Intraday bias in GBP/USD stays on the downside for retesting 1.2036 low. Firm break will resume whole decline from 1.3141 for 1.1801 support next. On the upside, above 1.2224 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2336 resistance holds.
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 1.2418) holds, in case of rebound.
