Daily Pivots: (S1) 1.2305; (P) 1.2340; (R1) 1.2388; More…
Immediate focus is now on 1.2486 support turned resistance as GBP/USD’s rebound from 1.2099 extends. Decisive break there will pave the way to 38.2% retracement of 1.3433 to 1.2099 at 1.2609, and possibly further to 1.2810 resistance. For now, further rally is in favor as long as 1.2292 minor support holds, in case of retreat.
In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433, and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move.
