Daily Pivots: (S1) 1.2463; (P) 1.2526; (R1) 1.2569; More…
GBP/USD’s decline continues today and intraday bias stays on the downside. Current fall from 1.3141 should target 100% projection of 1.3141 to 1.2618 from 1.2799 at 1.2276. On the upside, above 1.2546 minor resistance will turn intraday bias neutral and bring consolidations. But risk will stay on the downside as long as 1.2799 resistance holds, in case of recovery.
In the bigger picture, fall from 1.3141 medium term top is seen as a correction to up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3141 at 1.2075. Strong support would be seen there to bring rebound on first attempt. But outlook will be neutral at best as long as 1.3141 resistance holds, and consolidation from there is set to extend, until further development.
