Daily Pivots: (S1) 1.2858; (P) 1.2903; (R1) 1.2960; More…
Intraday bias in GBP/USD remains on the upside for the moment. Decisive break of 61.8% projection of 1.2298 to 1.2859 from 1.2612 at 1.2959 would prompt upside acceleration through 1.3141 resistance to 100% projection at 1.3173. On the downside, below 1.2845 resistance turned support will turn intraday bias neutral first.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern which might have completed with three waves to 1.2298 already. This will now remain the favored case as long as 1.2612 support holds. Firm break of 1.3141 will target 61.8% projection of 1.0351 (2022 low) to 1.3141 (2023 high) from 1.2298 at 1.4022.
