Daily Pivots: (S1) 1.2291; (P) 1.2339; (R1) 1.2370; More…
GBP/USD recovers mildly today but there is no clear sign of bottoming yet. Intraday bias stays on the downside for the moment. Current decline is seen as correcting whole up trend from 1.0351. Deeper fall should be seen to 1.1801 cluster support (38.2% retracement of 1.0351 to 1.2678 at 1.1789). On the upside, above 1.2468 minor resistance will turn intraday bias neutral first.
In the bigger picture, as long as 1.1801 support holds, rise from 1.0351 medium term bottom (2022 low) is expected to extend further. Sustained break of 61.8% retracement of 1.4248 (2021 high) to 1.0351 at 1.2759 will add to the case of long term bullish trend reversal. However, firm break of 1.1801 will indicate rejection by 1.2759, and bring deeper decline, even as a correction.
. On the upside, above 1.2468 minor resistance will turn intraday bias neutral first.){kind=link}