Daily Pivots: (S1) 1.2733; (P) 1.2796; (R1) 1.2862; More…
Near term outlook in GBP/USD will stay bullish as long as 1.2687 support holds. Rise from 1.2298 should target 1.2892 resistance. Decisive break there will strengthen the case that correction from 1.3141 has completed, and bring further rally to retest this high.
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 1.2445 support will extend the corrective pattern with another decline instead.
