Daily Pivots: (S1) 1.2130; (P) 1.2166; (R1) 1.2196; More…
Intraday bias in GBP/USD is turned neutral with 4 hour MACD crossed below signal line. Outlook is unchanged that corrective pattern from 1.2445 should have completed with three waves to 1.1801. Above 1.2203 will resume the rise from 1.1801 to retest 1.2445/6 resistance zone next. On the downside, below 1.2045 minor support dampen the bullish view and turn bias back to the downside instead.
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.
