Daily Pivots: (S1) 1.2592; (P) 1.2638; (R1) 1.2668; More…
Intraday bias in GBP/USD remains neutral with focus on 1.2615 minor support. Corrective recovery from 1.2486 might have completed at 1.2810 already. Break of 1.2615 will resume the fall from 1.3433 through 1.2486 to 1.2298 cluster support zone.
In the bigger picture, price actions from 1.3433 medium term are seen as correcting whole up trend from 1.0351 (2022 low). Deeper decline could be seen to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. But strong support is expected there to bring rebound to extend the corrective pattern.
