Daily Pivots: (S1) 1.2383; (P) 1.2442; (R1) 1.2543; More…
Intraday bias in GBP/USD remains on the upside as rebound from 1.2099 short term bottom is in progress. Strong resistance could be seen 38.2% retracement of 1.3433 to 1.2099 at 1.2609 to limit upside. On the downside, below 1.2375 minor support will turn intraday bias neutral first. However, sustained trading above 1.2609 will raise the chance of reversal and target 61.8% retracement at 1.2923.
In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433 (2024 high), 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. However, firm break of 1.2810 will dampen this bearish view and bring retest of 1.3433 high instead.
