Daily Pivots: (S1) 1.2686; (P) 1.2710; (R1) 1.2732; More…
No change in GBP/USD’s outlook as it’s still bounded in consolidation from 1.2826. Intraday bias stays neutral at this point. On the downside, break of 1.2595 support will bring deeper correction to 1.2499 support. On the upside, however, firm break of 1.2784 resistance will suggest that the consolidation pattern has completed. Further rally should then resume through 1.2826 towards 1.3141 high.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend 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.
