Daily Pivots: (S1) 1.2750; (P) 1.2781; (R1) 1.2839; More…
GBP/USD accelerates to as high as 1.2892 so far today. The strong break of 1.2826 resistance confirm resumption of whole rally from 1.2036. Intraday bias stays on the upside for 61.8% projection of 1.2036 to 1.2826 from 1.2517 at 1.3005 next. On the downside, below 1.2800 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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, which could be still in progress. But upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2517 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.
