Daily Pivots: (S1) 1.2536; (P) 1.2575; (R1) 1.2598; More…
GBP/USD’s fall from 1.2731 short term top is in progress. Intraday bias stays on the downside for 55 D EMA (now at 1.2436). On the upside, above 1.2613 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2731 resistance holds, in case of recovery.
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.
. On the upside, above 1.2613 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2731 resistance holds, in case of recovery.){kind=link}