Daily Pivots: (S1) 1.2557; (P) 1.2609; (R1) 1.2641; More…
GBP/USD’s fall from 1.3433 resumed by breaking through 1.2596 and intraday bias is back on the downside. Deeper fall should be seen to 100% projection of 1.3433 to 1.2842 to 1.3047 at 1.2456. For now, risk will stay on the downside as long as 1.2713 resistance holds, in case of recovery.
In the bigger picture, a medium term top should be in place at 1.3433, and price actions from there are correcting whole up trend from 1.0351 (2022 low). Deeper decline is now expected as long as 55 D EMA (now at 1.2977) holds, to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. Strong support should be seen there to bring rebound.
