Daily Pivots: (S1) 1.3018; (P) 1.3060; (R1) 1.3093; More….
With 4 hour MACD crossed below signal line, a temporary top is in place at 1.3102 in GBP/USD and intraday bias is turned neutral first. Current development suggests that corrective pull back from 1.3381 has completed at 1.2865. Hence, another rise is mildly in favor. On the upside, above 1.3102 will target 1.3381 resistance first. Break will resume whole rebound from 1.2391. On the downside, though, break of 1.2865 will target 1.2773 key support instead.
In the bigger picture, medium term decline from 1.4376 (2018 high) halted after hitting 1.2391. The structure of the rebound from 1.2391 suggests that it’s a corrective move. In case of another rise, strong resistance could be seen around 61.8% retracement of 1.4376 to 1.2391 at 1.3618 to limit upside. On the downside, break of 1.2773 support will suggests that such corrective rise is completed and bring retest of 1.2391 low first.
