Daily Pivots: (S1) 1.2549; (P) 1.2585; (R1) 1.2612; More…
Intraday bias in GBP/USD stays mildly on the downside at this point. Fall from 1.2715 short term top would extend to near term rising channel support (now at 1.2439). Sustained break there will indicate that corrective rebound from 1.2099 has already completed. Nevertheless, above 1.2715 will resume the rebound to 1.2810 resistance next.
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.
. Sustained break there will indicate that corrective rebound from 1.2099 has already completed. Nevertheless, above 1.2715 will resume the rebound to 1.2810 resistance next.){kind=link}