Day by day Pivots: (S1) 1.2185; (P) 1.2215; (R1) 1.2266; Extra
No change in GBP/USD’s outlook as consolidation type 1.2036 remains to be in progress. On the upside, agency break of 1.2270 resistance will affirm quick time period bottoming. Intraday bias will probably be again to the upside for stronger rebound. However, rejection by 1.2270 will retain close to time period bearishness. Decisive break of 1.2075 fibonacci degree would carry bigger bearish implication and goal 1.1801 help subsequent.
Within the greater image, fall from 1.3141 medium time period prime might nonetheless be a correction to up development from 1.0351 (2022 low) solely. However threat of full development reversal is rising. Sustained break of 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will pave the best way to 61.8% retracement at 1.1417. For now, threat will keep on the draw back so long as 55 D EMA (now at 1.2440) holds, in case of rebound.
