Daily Pivots: (S1) 1.1851; (P) 1.1896; (R1) 1.1961; More…
GBP/USD’s retreat from 1.2028 extends lower today but stays above 1.1597 resistance turned support. Intraday bias remains neutral first. Further rise is expected, and break of 1.2028 will target 100% projection of 1.0351 to 1.1494 from 1.1145 at 1.2288. However, sustained break of 1.1597 will bring deeper fall to 1.1145 support instead.
In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1145 support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759.
