Daily Pivots: (S1) 1.2715; (P) 1.2738; (R1) 1.2771; More…
Immediate focus is now on 1.2628 support in GBP/USD. Break there will bring deeper fall to 55 D EMA (now at 1.2526). Considering bearish divergence condition in D MACD, sustained break of the EMA will argue that it’s already in correction to larger up trend and target 1.2306 support. Nevertheless, rebound from current level will retain near term bullishness for up trend resumption through 1.2847 later.
In the bigger picture, the strong support from 55 W EMA (now at 1.2341) is a medium term bullish sign. Outlook will stay bullish as long as 1.2306 support holds. Rise from 1.0351 medium term bottom (2022 low) is expected to extend further to retest 1.4248 key resistance (2021 high).
