Daily Pivots: (S1) 1.2481; (P) 1.2545; (R1) 1.2582; More…
GBP/USD’s decline from 1.3433 resumed by breaking through 1.2474 support today. Intraday bias is back on the downside for 1.2298 cluster support zone. Strong support is expected there to contain downside to bring rebound, at least on first attempt. On the upside, break of 1.2606 minor resistance will indicate short term bottoming, and turn bias back to the upside for 1.2810 resistance next.
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.
