Daily Pivots: (S1) 1.2635; (P) 1.2676; (R1) 1.2716; More…
Intraday bias in GBP/USD is back on the upside with breach of 1.2689 temporary top. Rise from 1.2099 should target 1.2810 resistance next. However, firm break of 1.2602 support will now indicate short term topping and turn bias back to the downside.
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.
