Daily Pivots: (S1) 1.2305; (P) 1.2340; (R1) 1.2388; More…
GBP/USD’s recovery from 1.2099 extended higher but upside is still capped below 1.2486 support turned resistance. Intraday bias remains neutral and further decline is in favor. On the downside, below 1.2292 minor support will turn bias back to the downside for retesting 1.2099 low. However, firm break of 1.2486 will bring stronger rebound towards 1.2810 resistance instead.
In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433, and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move.
