Daily Pivots: (S1) 1.2240; (P) 1.2306; (R1) 1.2375; More…
GBP/USD’s decline continues today and intraday bias stays on the downside. Sustained trading below 1.2256 fibonacci level will carry larger bearish implications. Next target is 61.8% projection of 1.3433 to 1.2486 from 1.2810 at 1.1863. On the upside, break of 1.2532 minor resistance 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.
