Daily Pivots: (S1) 1.2818; (P) 1.2845; (R1) 1.2863; More…
GBP/USD’s breach of 1.2761 temporary low indicates resumption of fall from 1.3141. Intraday bias is back on the downside for 38.2% retracement of 1.1801 to 1.3141 at 1.2629, as a correction to rise from 1.1801. On the upside, above 1.2886 minor resistance will turn bias back to the upside for stronger rebound.
In the bigger picture, as long as 1.2678 resistance turned support holds, rise from 1.0351 (2022 low) is expected to continue. Next target is 100% projection of 1.0351 to 1.2445 from 1.1801 at 1.3895. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal.
