Daily Pivots: (S1) 1.2623; (P) 1.2650; (R1) 1.2695; More…
GBP/USD is staying in consolidation below 1.2689 temporary top and intraday bias remains neutral. Further rally is in favor as long as 1.2522 resistance turned support holds. Above 1.2689 will resume the rise from 1.2099 to 1.2810 resistance next. However, firm break below 1.2522 will argue that the rebound might have completed, and bring deeper fall to 1.2331 support.
In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433 (2024 high), and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move. However, firm break of 1.2810 will dampen this bearish view and bring retest of 1.3433 high instead.
