Every day Pivots: (S1) 1.2121; (P) 1.2226; (R1) 1.2281; Extra
Intraday bias in GBP/USD stays mildly on the draw back at this level. Restoration from 1.2035 ought to have accomplished at 1.2336, after hitting falling channel resistance. Deeper decline can be seen to retest 1.2036 low. Decisive break there’ll resume bigger fall from 1.3141. On the upside, above 1.2336 minor resistance will resume the rebound as an alternative.
Within the larger image, fall from 1.3141 medium time period high might 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 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 1.2420) holds, in case of rebound.
