Daily Pivots: (S1) 1.2744; (P) 1.2756; (R1) 1.2772; More…
Intraday bias in GBP/USD remains on the upside for the moment. Rise from 1.2612 is in progress for retesting 1.2859 high. Firm break there will resume whole rally from 1.2298. On the downside, though, below 1.2733 minor support will dampen the immediate bullish case, and turn intraday bias neutral again first.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern that is still in progress. Break of 1.2445 support will confirm that another falling leg has started and target 1.2036 cluster support again (38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075. Nevertheless, break of 1.2892 resistance will argue that larger up trend from 1.0351 is ready to resume through 1.3141.
