Daily Pivots: (S1) 1.2369; (P) 1.2402; (R1) 1.2453; More…
GBP/USD breaks 1.2474 minor resistance as recovery from 1.2352 extends and intraday bias is turned neutral first. Some consolidations could be seen risk with of stronger rebound. But near term outlook will remain bearish as long as 1.2810 resistance holds. Below 1.2352 will resume the fall from 1.3433 to 1.2256/98 cluster support zone. Strong support is expected there to contain downside to bring more sustainable rebound, at least on first attempt.
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. However, firm break of 1.2256 will argue that the trend has reversed and target 61.8% retracement at 1.1528.
