Daily Pivots: (S1) 1.2719; (P) 1.2769; (R1) 1.2829; More…
GBP/USD’s fall from 1.3043 resumed by breaking 1.2706 temporary low and intraday bias is back on the downside for 1.2612 support. Decisive break there should confirm that rise from 1.2298 has completed, and target this support next. For now, risk will remain on the downside as long as 1.2839 resistance holds, in case of recovery.
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 even in case of deep decline. Rise from 1.0351 (2022 low) remains in favor to resume at a later stage.
