Every day Pivots: (S1) 1.2312; (P) 1.2370; (R1) 1.2402; Extra
Intraday bias in GBP/USD stays impartial for the second. Additional rise is in favor as so long as 4H 55 EMA (now at 1.2230) holds. Decisive break of 38.2% retracement of 1.3141 to 1.2036 at 1.2458 will pave the way in which to 61.8% retracement at 1.2783. Nevertheless, sustained break of 4H 55 EMA will revive close to time period bearishness and convey retest of 1.2036 low.
Within the greater image, the robust rebound from 38.2% retracement of 1.0351 to 1.3141 at 1.2075 argues that worth motion from 1.3141 are merely a correction to rise from 1.0351 (2022 low). Present rally from 1.2036 is tentatively seen because the second leg of the sample. Therefore, whereas additional rally is in favor, upside needs to be restricted by 1.3141 to start out the third leg.