Daily Pivots: (S1) 1.2448; (P) 1.2495; (R1) 1.2540; More…
Intraday bias in GBP/USD remains on the upside at this point. Rebound from 1.2298 short term bottom would target 55 D EMA (now at 1.2582). Sustained break there will argue that fall from 1.2892 has completed already, and bring further rise to this resistance. Nevertheless, on the downside, break of 1.2448 minor support will bring retest of 1.2298 low instead.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern to up trend from 1.0351 (2022 low). Fall from 1.2892 is seen as the third leg. Deeper decline would be seen to 1.2036 support and possibly below. But strong support should emerge from 61.8% retracement of 1.0351 to 1.2452 at 1.1417 to complete the correction.
