Daily Pivots: (S1) 1.2170; (P) 1.2226; (R1) 1.2274; More…
Intraday bias in GBP/USD is turned neutral first with current retreat. Some consolidations could be seen below 1.2283 temporary low. But outlook will stay cautiously bullish as long as 1.2009 support hold. As noted before, corrective pattern from 1.2445 could have completed with three waves to 1.1801 already. Above 1.2283 will extend the rise from 1.1801 to retest 1.2445/6 resistance. Firm break of 1.2445/6 will resume larger rise from 1.0351, and target 1.2759 fibonacci level.
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.
