Daily Pivots: (S1) 1.2580; (P) 1.2623; (R1) 1.2656; More…
Intraday bias in GBP/USD remains mildly on the downside as fall from 1.2847 short term top is in progress. Considering bearish divergence condition in D MACD, sustained break of 55 D EMA (now at 1.2529) will argue that it’s already in correction to larger up trend and target 1.2306 support. On the upside, though, break of 1.2690 minor resistance will bring retest of 1.2847 instead.
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).
