Each day Pivots: (S1) 1.2167; (P) 1.2219; (R1) 1.2258; Extra…
GBP/USD dips notably after rejection by 55 4H EMA, however stays above 1.2109 assist. Intraday bias stays impartial for the second. Whereas stronger restoration can’t be dominated out, close to time period outlook will keep bearish so long as 1.2420 resistance holds. On the draw back, decisive break of 1.2075 fibonacci stage would carry bigger bearish implication and goal 1.1801 assist subsequent.
Within the greater image, fall from 1.3141 medium time period high may 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 way in which to 61.8% retracement at 1.1417. For now, threat will keep on the draw back so long as 55 D EMA (now at 1.2517) holds, in case of rebound.
