Daily Pivots: (S1) 1.2659; (P) 1.2732; (R1) 1.2784; More…
Intraday bias in GBP/USD stays on the downside as fall from 1.3141 is in progress. Deeper decline would be seen to 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 through 1.3141 high at a later stage. However, sustained break of 1.2678 will argue that it’s at least correcting this rally, with risk of bearish reversal. Deeper fall would be seen to 1.2306 support next.
