Daily Pivots: (S1) 1.2645; (P) 1.2790; (R1) 1.2871; More…
GBP/USD’s fall from 1.3206 short term top is still in progress and intraday bias remains on the downside. Sustained trading below 38.2% retracement of 1.2099 to 1.3206 at 1.2783 will target 61.8% retracement at 1.2522. On the upside, above 1.2933 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could be the second leg. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.
