Daily Pivots: (S1) 1.2915; (P) 1.2968; (R1) 1.2997; More…
Intraday bias in GBP/USD remains neutral at this point. Pullback from 1.3043 could extend lower but downside should be contained by 1.2859 resistance turned support to bring another rally. Above 1.3043 will resume the rise from 1.2298 to 100% projection of 1.2298 to 1.2859 from 1.2612 at 1.3173, which is slightly above 1.3141 key medium term resistance. However, firm break of 1.2859 will turn bias to the downside for deeper decline.
In the bigger picture, corrective pattern from 1.3141 medium term top (2023 high) could have completed with three waves to 1.2298 already. This will now remain the favored case as long as 1.2612 support holds. Firm break of 1.3141 will target 61.8% projection of 1.0351 (2022 low) to 1.3141 from 1.2298 at 1.4022.
