Daily Pivots: (S1) 1.1924; (P) 1.2019; (R1) 1.2129; More…
GBP/USD’s rally from 1.1801 is still in progress and intraday bias stays on the upside. The corrective pattern from 1.2445 should have completed with three waves to 1.1801. Break of 1.2142 will bring retest of 1.2445/6 resistance zone. On the downside, below 1.2008 minor support will delay the bullish case and turn intraday bias neutral first.
In the bigger picture, price action from 1.2445 are seen as a corrective pattern to rise from 1.0351 medium term bottom (2022 low). Resumption is expected as a later stage and firm break of 1.2446 will target 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759. This will remain the favored case as long as 38.2% retracement of 1.0351 to 1.2445 at 1.1645 holds.
