Daily Pivots: (S1) 1.2883; (P) 1.2937; (R1) 1.3004; More…
GBP/USD is still bounded in range below 1.3013 and intraday bias remains neutral. Consolidation from 1.3013 could extend. In case of another fall, 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 towards 1.3433 high.
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.
