Daily Pivots: (S1) 1.2841; (P) 1.2884; (R1) 1.2911; More…
Intraday bias in GBP/USD remains on the downside for the moment. Current fall from 1.3433 should target 61.8% retracement of 1.2298 to 1.3433 at 1.2732. Sustained break there will pave the way towards 1.2298 key support. For now, outlook will stay bearish as long as 1.3008 resistance holds, in case of recovery.
In the bigger picture, considering mildly bearish divergence condition in D MACD, a medium term top is likely in place at 1.3433 already. Price actions from there are seen as correction to whole up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. Strong support should be seen there to bring rebound.
