Daily Pivots: (S1) 1.2679; (P) 1.2711; (R1) 1.2740; More…
Intraday bias in GBP/USD stays neutral and outlook is unchanged. On the upside, firm break of 1.2784 resistance will suggest that consolidation pattern has completed. Further rise should be seen through 1.2826 to resume the rise from 1.2036. Next target will be 1.3141 high. On the downside, while another pull back cannot be ruled out, downside should be contained above 1.2499 support to bring rebound.
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.
