Daily Pivots: (S1) 1.2732; (P) 1.2770; (R1) 1.2847; More…..
GBP/USD’s rally from 1.2298 resumed by breaking through 1.2799 resistance. Intraday bias is back on the upside. Next target is 1.2892 resistance. For now, break of 1.2693 support is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish in case of retreat.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2445 support will extend the corrective pattern with another decline instead.
