Daily Pivots: (S1) 1.3072; (P) 1.3123; (R1) 1.3177; More…
Intraday bias in GBP/USD is turned neutral first with 4H MACD crossed above signal line. Some consolidations would be seen above 1.3069 temporary low. On the downside, below 1.3069 will target 1.3000 cluster support (38.2% retracement of 1.2298 to 1.3433 at 1.2999). Strong support should be seen there to bring rebound. On the upside, break of 1.3236 resistance will argue that pullback from 1.3433 has completed, and turn bias back to the upside for retesting this high.
In the bigger picture, as long as 1.3000 support holds, the up trend from 1.0351 (2022 low) is still in progress. Next target is 61.8% projection of 1.0351 to 1.3141 from 1.2298 at 1.4022. However, considering mild bearish divergence condition in D MACD, decisive break of 1.3000 will argue that a medium term top is already in place, and bring deeper fall back to 1.2664 support next.
. Strong support should be seen there to bring rebound. On the upside, break of 1.3236 resistance will argue that pullback from 1.3433 has completed, and turn bias back to the upside for retesting this high.){kind=link}