Daily Pivots: (S1) 1.1969; (P) 1.2017; (R1) 1.2112; More…
Focus in GBP/USD is now back on 1.2146 resistance as rebound form 1.1921 extends. Firm break there will turn bias back to the upside for 1.2269 resistance. In such case, whole corrective pattern from 1.2445 might have completed at 1.1914. Break of 1.2269 will bring retest of 1.2445/6 high.
In the bigger picture,as long as 1.1840 support holds, rise from 1.0351 medium term bottom (2022 low) should still continue to 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. However, decisive break of 1.1840 will complete a double top pattern (1.2445, 1.2446) after rejection by 55 week EMA (now at 1.2251). Deeper decline should be seen back to 38.2% retracement of 1.0351 to 1.2445 at 1.1645.
