Daily Pivots: (S1) 1.2107; (P) 1.2187; (R1) 1.2256; More…
Intraday bias in GBP/USD is turned neutral again as rebound stalled after hitting 1.2269. Still, the favored case is that corrective pattern from 1.2445 has completed at 1.1960 already. Above 1.2269 will bring retest of 1.2445/6 resistance zone. On the downside however, break of 1.2029 will extend the corrective pattern with another fall through 1.1960, towards 1.1840 support.
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.
