Daily Pivots: (S1) 1.2365; (P) 1.2405; (R1) 1.2469; More…
Intraday bias in GBP/USD is turned neutral with current retreat. On the downside, break of 1.2205 minor support will indicate short term topping, bearish divergence condition in 4 hour MACD. Intraday bias will be turned to the downside for deeper pull back to 55 day EMA (now at 1.1860). On the upside, though, break of 1.2445 will resume larger rise to 1.2759 medium term fibonacci level next.
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.
