Daily Pivots: (S1) 1.2830; (P) 1.2847; (R1) 1.2873; More…
Intraday bias in GBP/USD is turned neutral first with current strong recovery. Another fall will remain in favor as long as 1.2863 resistance holds. Below 1.2706 will target 1.2612 support. However, firm break of 1.2863 will suggest that the pullback from 1.3043 has completed as a correction. Intraday bias will be turned back to the upside for retesting 1.3043 instead.
In the bigger picture, current development suggests that corrective pattern from 1.3141 is extending with fall from 1.3043 as another leg. Break of 1.2612 support would strengthen this case. But still, downside should be contained by 1.2036/2298 support zone. Rise from 1.0351 (2022 low) remains in favor to resume at a later stage.
