Each day Pivots: (S1) 1.2187; (P) 1.2248; (R1) 1.2283; Extra
GBP/USD’s break of 55 4H EMA (now at 1.2246) argues that corrective restoration from 1.2036 has accomplished with three waves as much as 1.2426. That got here after rejection by 38.2% retracement of 1.3141 to 1.2036 at 1.2458. Intraday bias is again on the draw back for retesting 1.2036/68 assist zone. Nonetheless, break of 1.2307 minor resistance will dampen this bearish case, and switch intraday bias impartial first.
Within the greater image, worth actions from 1.3141 medium time period prime are seen as a correction to up pattern from 1.3051 (2022 low). Sturdy rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 will argue that it’s a sideway sample solely. Nevertheless, sustained break of 1.2036 will point out that it’s a deeper correction that might goal 61.8% at 1.1417 earlier than completion.
