Daily Pivots: (S1) 1.3072; (P) 1.3123; (R1) 1.3177; More…
Intraday bias in GBP/USD is back on the downside with breach of 1.3069 temporary low. Fall from 1.3433 is in progress for 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, above 1.3174 minor resistance will turn intraday bias neutral again first.
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, above 1.3174 minor resistance will turn intraday bias neutral again first.){kind=link}