Daily Pivots: (S1) 1.2276; (P) 1.2307; (R1) 1.2344; More
Intraday bias in GBP/USD is turned neutral first with current retreat. On the upside, firm break of near term channel resistance (now at 1.2334) will target 38.2% retracement of 1.3141 to 1.2036 at 1.2458 next. Nevertheless, break of 1.2210 minor support indicate rejection by falling trendline resistance, and bring retest of 1.2036 low.
In the bigger picture, fall from 1.3141 medium term top could still be a correction to up trend from 1.0351 (2022 low) only. But risk of complete trend reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the way to 61.8% retracement at 1.1417. For now, risk will stay on the downside as long as 55 D EMA (now at 1.2440) holds, in case of rebound.