Daily Pivots: (S1) 1.1993; (P) 1.2035; (R1) 1.2064; More…
GBP/USD’s fall from 1.2446 extends further to 1.1960 so far today. Intraday bias stays on the downside for 1.1840 support and possibly below. Nevertheless, such decline is seen as the third leg of the corrective pattern from 1.2445. Downside should be contained by 38.2% retracement of 1.0351 to 1.2445 at 1.1645 to bring rebound. On the upside, above 1.2076 minor resistance will turn intraday bias neutral first.
In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248.
