Daily Pivots: (S1) 1.3298; (P) 1.3360; (R1) 1.3395; More…
GBP/USD’s breach of 1.3277 minor support suggests short term topping at 1.3422, on bearish divergence condition in 4H MACD, ahead of 1.3433 high. Intraday bias is turned to the downside for deeper pullback. But downside should be contained by 38.2% retracement of 1.2099 to 1.3422 at 1.2917. On the upside, firm break of 1.3433 will resume larger up trend.
In the bigger picture, price actions from 1.3433 are seen as a corrective pattern to the up trend from 1.3051 (2022 low). Rise from 1.2099 could be the second leg. Overall, GBP/USD should target 1.4248 key resistance (2021 high) on break of 1.3433 at a later stage.
