Daily Pivots: (S1) 1.2737; (P) 1.2841; (R1) 1.2908; More…
Intraday bias in GBP/USD remains on the downside despite mild recovery today. As noted before, a short term top is in place at 1.0347 on bearish divergence condition in 4 hour MACD. Also, rise from1.2108 could have completed too. Deeper fall would be seen for 1.2614 resistance turned support first. Break there should also indicate completion of whole consolidation pattern from 1.1946 and target a retest on this low. Meanwhile, above 1.2926 minor resistance will turn focus back to 1.3047 high instead.
In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. The rejection from 55 week EMA is maintaining bearishness in the pair. Also, at this point, as long as 1.3444 resistance holds, fall from 1.7190 is still expected to continue. Break of above mentioned 1.2614 support will affirm this bearish case.
