GBP/USD Daily Analysis
The GBP/USD intraday bias is currently neutral. The corrective pattern from 1.2445 may have already completed with three waves to 1.1801. On the upside, a break above 1.2203 will resume the rally from the 1.2445/6 resistance zone. However, if there is a decisive break of the 4-hour 55 EMA (currently at 1.2055), this will suggest that the pattern from 1.2445 is extending with another falling leg, turning the bias to the downside for 1.1801 again.
Looking at the bigger picture, the price action from 1.2445 is viewed as a corrective pattern to the rise from the 2022 low of 1.0351. Resumption is expected at a later stage, and a firm break of 1.2446 will target the retracement level of 61.8% at 1.2759 of the 2021 high of 1.4248 to 1.0351. This will remain the favored case as long as the retracement level of 38.2% at 1.1645 of the range between 1.0351 and 1.2445 holds.
