Daily Pivots: (S1) 1.2816; (P) 1.2891; (R1) 1.2941; More…
Intraday bias in GBP/USD is now on the downside. Sustained trading below 1.2847 resistance turned support will indicate that larger correction is underway. Deeper fall would be seen to 55 D EMA (now at 1.2692). On the upside, break of 1.2963 minor resistance will turn bias back to the upside retest 1.3141 high instead.
In the bigger picture, rise from 1.0351 medium term bottom (2022 low) is in progress. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. Break there will target 1.4248 key long term resistance (2021 high) next. This will now remain the favored case as long as 1.2678 resistance turned support holds.
. On the upside, break of 1.2963 minor resistance will turn bias back to the upside retest 1.3141 high instead.){kind=link}