Daily Pivots: (S1) 1.2513; (P) 1.2621; (R1) 1.2679; More…
Intraday bias in GBP/USD remains on the downside despite some volatility during today. Recovery from 1.2486 should have completed at 1.2810. Retest of 1.2486 should be seen next. Firm break there will resume the fall from 1.3433 and target 1.2298 cluster support zone. Nevertheless, break of 1.2728 minor resistance will turn bias to the upside for 1.2810 and above instead.
In the bigger picture, price actions from 1.3433 medium term are seen as correcting whole up trend from 1.0351 (2022 low). Deeper decline could be seen to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. But strong support is expected there to bring rebound to extend the corrective pattern.
