GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2705; (P) 1.2735; (R1) 1.2758; More…

GBP/USD is staying in range of 1.2611/2826 despite today’s decline. Intraday bias remains neutral first. On the upside, decisive break of 1.2826 will resume whole rally from 1.2036. Nevertheless, break of 1.2611 will bring deeper decline to 1.2499 support instead.

In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend from 1.0351 (2022 low). Rise from 1.2036 is seen as the second leg that’s in progress. Upside should be limited by 1.3141 to bring the third leg of the pattern. Meanwhile, break of 1.2499 support will argue that the third leg has already started for 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 again.

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