Daily Pivots: (S1) 1.2535; (P) 1.2565; (R1) 1.2591; More…
Intraday bias in GBP/USD is turned neutral with current retreat and some consolidations could be seen. Further rise remains in favor as long as 1.2471 support holds. Above 1.2633 will resume the rebound from 1.2298 to 1.2708 resistance next.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2298 support will extend the corrective pattern instead.
