Daily Pivots: (S1) 1.2292; (P) 1.2393; (R1) 1.2465; More…
GBP/USD’s fall from 1.3433 continues today and breached 1.2256 fibonacci level. There is no clear sign of bottoming yet and intraday bias stays on the downside. Sustained trading below 1.2256 will carry larger bearish implications. On the upside, break of 1.2376 will turn intraday bias neutral first. Further break of 1.2486 support turned resistance should confirm short term bottoming.
In the bigger picture, price actions from 1.3433 medium term are seen as correcting whole up trend from 1.0351 (2022 low). Strong support is still expected from 38.2% retracement of 1.0351 to 1.3433 at 1.2256 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.
