Daily Pivots: (S1) 1.2121; (P) 1.2226; (R1) 1.2281; More
GBP/USD’s break of 1.2210 minor support suggests that recovery from 1.2036 has completed at 1.2336, after hitting falling channel resistance. Intraday bias is back on the downside for retesting 1.2036 low. Decisive break there will resume larger fall from 1.3141. On the upside, above 1.2336 minor resistance will resume the rebound instead.
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 1.2420) holds, in case of rebound.