Daily Pivots: (S1) 1.2830; (P) 1.2847; (R1) 1.2873; More…
GBP/USD’s fall from 1.3043 is in progress and intraday bias stays on the downside. Rise from 1.2298 could have completed at 1.3043 already. Deeper fall would be seen to 1.2612 support and below. On the upside, break of 1.2863 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, current development suggests that corrective pattern from 1.3141 is extending with fall from 1.3043 as another leg. Break of 1.2612 support would strengthen this case. But still, downside should be contained by 1.2036/2298 support zone. Rise from 1.0351 (2022 low) remains in favor to resume at a later stage.
