Daily Pivots: (S1) 1.2442; (P) 1.2554; (R1) 1.2614; More…
GBP/USD’s breach of 1.2486 support suggests that fall from 1.3433 is resuming. Intraday bias stays on the downside, and deeper fall would be seen to 1.2298 and possibly further to 61.8% projection of 1.3433 to 1.2486 from 1.2810 at 1.2225. On the upside, above 1.2607 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.2810 resistance holds, in case of recovery.
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.
