Day by day Pivots: (S1) 1.2459; (P) 1.2550; (R1) 1.2603; Extra…
Intraday bias in GBP/USD stays impartial and additional rally is anticipated so long as 1.2434 assist holds. Break of 1.2678 will resume bigger up pattern to 1.2759 fibonacci degree first. Agency break there’ll goal 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095. Nonetheless, decisive break of 1.2434 will affirm brief time period topping, and switch bias again to the draw back for deeper fall.
Within the greater image, the rise from 1.0351 medium time period time period backside (2022 low) is in progress for 61.8% retracement of 1.4248 (2021 excessive) to 1.0351 at 1.2759. Sustained break there’ll add to the case of long run bullish pattern reversal. Additional break of 61.8% projection of 1.0351 to 1.2445 from 1.1801 at 1.3095 may immediate upside acceleration to 100% projection at 1.3895. For now, it will stay the favored case so long as 1.1801 assist holds, even in case of deep pull again.
