Daily Pivots: (S1) 1.2889; (P) 1.2927; (R1) 1.2989; More…
GBP/USD edged higher but failed to sustain above 61.8% retracement of 1.3433 to 1.2099 at 1.2923 so far. Intraday bias stays neutral first. IN case of another retreat, downside should be contained by 1.2715 resistance turned support to bring rebound. Sustained trading above 1.2923 will resume the rise from 1.2099, and 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.
