Daily Pivots: (S1) 1.2551; (P) 1.2577; (R1) 1.2624; More…
GBP/USD’s break of 1.2628 minor resistance argues that correction from 1.2826 might have completed with three waves down to 1.2517. That came just ahead of 1.2499 structural support. Intraday bias is back on the upside for stronger rebound back towards 1.2826. On the downside, however, decisive break of 1.2499 will argue that whole rise from 1.2036 has completed and turn near term outlook bearish.
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 still 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.
