Daily Pivots: (S1) 1.1857; (P) 1.1898; (R1) 1.1964; More…
Intraday bias in GBP/USD remains on the upside at this point. Sustained trading above 55 day EMA (now at 1.2052) will argue that fall from 1.2446 has completed. Stronger rally should be seen back to retest this high. Nevertheless, below 1.1937 will turn bias neutral first.
In the bigger picture, the failure to sustain below 1.1840 support argues that price actions from 1.2445 are merely a consolidation pattern. That is rise from 1.0351 is not over yet. Break of 1.2446 will target 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. However, decisive break of 1.1840 will bring deeper correction to 38.2% retracement of 1.0351 to 1.2446 at 1.1646, or even further to 61.8% retracement at 1.1151.
