Daily Pivots: (S1) 1.2857; (P) 1.2891; (R1) 1.2915; More…
GBP/USD is losing momentum ahead of 61.8% retracement of 1.3433 to 1.2099 at 1.2923 and intraday bias is turned neutral first. Downside of retreat should be contained by 1.2715 resistance turned support to bring another rally. Sustained break of 1.2923 will pave the way back to 1.3433 high.
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.
