Daily Pivots: (S1) 1.2365; (P) 1.2405; (R1) 1.2469; More…
GBP/USD is losing upside momentum as seen in 4 hour MACD. But there is no sign of topping yet. Current rise from 1.0351 is still in progress to 1.2759 medium term fibonacci level next. However, on the downside, break of 1.2205 will indicate short term topping, and turn bias back to the downside for deeper pull back to 55 day EMA (now at 1.1860).
In the bigger picture, rise from 1.0351 medium term bottom is at least correcting whole down trend from 1.4248 (2021 high). Further rise is expected as long as 1.1644 resistance turned support holds. Next target is 61.8% retracement of 1.4248 to 1.0351 at 1.2759. Sustained break there will pave the way back to 1.4248. This will remain the favored case as long as 55 day EMA (now at 1.1860) holds.
