Daily Pivots: (S1) 1.2729; (P) 1.2784; (R1) 1.2861; More…
Range trading continues in GBP/USD and intraday bias stays neutral for the moment. Further decline is in favor with 1.2863 resistance intact. On the downside, below 1.2706 will target 1.2612 support first. Decisive break there should confirm that rise from 1.2298 has completed. However, break of 1.2863 will turn bias back to the upside for retesting 1.3043 resistance instead.
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 even in case of deep decline. Rise from 1.0351 (2022 low) remains in favor to resume at a later stage.
