Daily Pivots: (S1) 1.2396; (P) 1.2481; (R1) 1.2535; More…
Intraday bias in GBP/USD remains on the downside at this point. Current fall from 1.2892 is in progress for 100% projection of 1.2892 to 1.2538 from 1.2708 at 1.2354. Firm break there will target 161.8% projection at 1.2207 next. On the upside, above 1.2510 minor resistance will turn bias neutral and bring consolidations first, before staging another decline.
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). Fall from 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1417 to complete the correction.
