Daily Pivots: (S1) 1.2656; (P) 1.2676; (R1) 1.2707; More…
GBP/USD’s break of 1.2713 resistance indicates short term bottoming at 1.2486, on bullish convergence condition in 4H MACD. Intraday bias is back on the upside for 55 D EMA (now at 1.2873). For now, risk of another rebound remains as long as 1.2486 holds, in case of retreat.
In the bigger picture, a medium term top should be in place at 1.3433, and price actions from there are correcting whole up trend from 1.0351 (2022 low). Deeper decline is now expected as long as 55 D EMA (now at 1.2873) holds, to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. Strong support should be seen there to bring rebound.
. For now, risk of another rebound remains as long as 1.2486 holds, in case of retreat.){kind=link}