Daily Pivots: (S1) 1.2909; (P) 1.2938; (R1) 1.2974; More…
Intraday bias in GBP/USD remains neutral first. On the downside, break of 1.2886 will resume the correction from 1.3013 and turn bias to the downside. But downside should be contained by 38.2% retracement of 1.2248 to 1.3013 at 1.2721 to bring rebound. On the upside, break of 1.3013 will resume the rally from 1.2099.
In the bigger picture, up trend from 1.3051 (2022 low) is not completed. Resumption is expected after corrective pattern from 1.3433 completes. Next target will be 1.4248 key resistance. This will now remain the favored case as long as 1.2099 support holds.
