Daily Pivots: (S1) 1.2614; (P) 1.2669; (R1) 1.2757; More…
Intraday bias in GBP/USD remains on the upside as rise from 1.2099 is in progress for 1.2810 resistance. Firm break there will target 61.8% retracement of 1.3433 to 1.2099 at 1.2923. On the downside, break of 1.2558 will turn bias back to the downside for near term rising channel support (now at 1.2453).
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.
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