Daily Pivots: (S1) 1.2475; (P) 1.2518; (R1) 1.2603; More…
Break of 1.2543 resistance indicates resumption of the rebound from 1.2306. Intraday bias in GBP/USD is back on the upside for retesting 1.2678 high next. However, break of 1.2452 minor support will turn bias back to the downside, to extend the pattern from 1.2678 with another falling leg through 1.2306 support.
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.
