Daily Pivots: (S1) 1.2808; (P) 1.2855; (R1) 1.2941; More…
GBP/USD’s rally is from 1.2099 is still in progress and intraday bias stays on the upside. Sustained break of 61.8% retracement of 1.3433 to 1.2099 at 1.2923 will pave the way back to 1.3433 high. On the downside, below 1.2803 minor support will turn intraday bias neutral and bring consolidations. But downside should be contained well above 1.2558 support to bring another rally.
In the bigger picture, fall from 1.3433 (2024 high) should have completed at 1.2099 as a corrective move. Up trend from 1.3051 (2022 low) is still in progress but it’s too early to say that it’s resuming. Corrective pattern from 1.3433 could extend with one more down leg. But after all, eventual upside breakout is expected at a later stage.
