Daily Pivots: (S1) 1.2018; (P) 1.2037; (R1) 1.2060; More…
GBP/USD’s rebound from 1.1914 extends higher today but stays well below 1.2269 resistance. Intraday bias remains neutral and another fall could still be seen. Below 1.1914 will resume the fall from 1.2446, as the third leg of the corrective pattern from 1.2445, to 1.1840 support and possibly below. Nevertheless, firm break of 1.2269 will bring retest of 1.2445/6 resistance.
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 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.
