Daily Pivots: (S1) 1.2635; (P) 1.2676; (R1) 1.2716; More…
Further rise in GBP/USD remains mildly in favor with 1.2602 minor support intact, towards 1.2810 resistance. However, considering bearish divergence condition in 4H MACD, firm break of 1.2602 will indicate short term topping. Intraday bias will be turned back to the downside for near term channel support (now at 1.2424).
In the bigger picture, rise from 1.0351 (2022 low) should have already completed at 1.3433 (2024 high), and the trend has reversed. Further fall is now expected as long as 1.2810 resistance holds. Deeper decline should be seen to 61.8% retracement of 1.0351 to 1.3433 at 1.1528, even as a corrective move. However, firm break of 1.2810 will dampen this bearish view and bring retest of 1.3433 high instead.
.){kind=link}