Daily Pivots: (S1) 1.2534; (P) 1.2585; (R1) 1.2669; More…
Intraday bias in GBP/USD remains on the upside at this point. Sustained break of 1.2731 will confirm resumption of whole rally from 1.2036. Next target is 61.8% projection of 1.2068 to 1.2731 from 1.2499 at 1.2909. On the downside, below 1.2651 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 1.2499 support holds.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to rise from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg, that could still extend through 1.2731. But upside should be limited by 1.3141 o bring the third leg of the pattern. Meanwhile, sustained trading below 55 EMA will argue that the third leg has already started for 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 again, and possibly below.
