Daily Pivots: (S1) 1.2154; (P) 1.2202; (R1) 1.2264; More…
GBP/USD’s recovery from 1.2099 extends higher today, but stays well below 1.2486 support turned resistance. Intraday bias remains neutral at this point. Larger fall from 1.3433 is still expected to continue. On the downside, break of 1.2099 will resume the decline to 100% projection of 1.3433 to 1.2486 from 1.2810 at 1.1863.
In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433, and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move.
