Daily Pivots: (S1) 1.2582; (P) 1.2654; (R1) 1.2703; More…
GBP/USD is still bounded in range of 1.2590/2731 and intraday bias remains neutral. On the upside, decisive break of 1.2731 will resume the rally from 1.2036 for retesting 1.3141 high next. However, firm break of 1.2590 will confirm short term topping, and turn bias back to the downside for deeper pullback to 55 D EMA (now at 1.24328).
In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 suggests that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.
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