Daily Pivots: (S1) 1.2731; (P) 1.2767; (R1) 1.2835; More…
Intraday bias in GBP/USD is turned neutral again with current retreat. For now, further rise is in favor as long as 1.2611 support holds. Above 1.2826 will resume larger rise from 1.2036 to 61.8% projection of 1.2068 to 1.2731 from 1.2499 at 1.2909. Nevertheless, break of 1.2611 will indicate short term topping, and turn bias back to the downside for 1.2499 support.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to rise from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg that’s in progress. Upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2499 support will argue that the third leg has already started for 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 again.
