Each day Pivots: (S1) 1.2235; (P) 1.2263; (R1) 1.2314; Extra
Intraday bias in GBP/USD stays on the upside at this level. Rebound from 1.2036 quick time period backside is in progress for close to time period channel resistance (now at 1.2338). Agency break there’ll goal 38.2% retracement of 1.3141 to 1.2036 at 1.2458 subsequent. Nonetheless, break of 1.2161 minor assist will revive close to time period bearishness and convey retest of 1.2036 low.
Within the greater image, fall from 1.3141 medium time period prime may nonetheless be a correction to up pattern from 1.0351 (2022 low) solely. However threat of full pattern 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 1.2440) holds, in case of rebound.
