Daily Pivots: (S1) 1.2197; (P) 1.2217; (R1) 1.2248; More…
Intraday bias in GBP/USD remains mildly on the downside at this point. Corrective rebound from 1.2036 should have completed with three waves up to 1.2426. Deeper fall should be seen to retest 1.2036/68 support zone next. Firm break there will resume larger down trend from 1.3141. On the upside, above 1.2307 minor resistance will turn intraday bias neutral first.
In the bigger picture, rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458, suggests fall from 1.3141 is still in progress. Sustained break of 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 will bring deeper decline to 61.8% retracement at 1.1417, even just as a corrective move.
