Daily Pivots: (S1) 1.2967; (P) 1.2988; (R1) 1.3025; More…
GBP/USD’s rally from 1.2099 is still in progress, and further rise should be seen to retest 1.3433 high. On the downside, break of 1.2910 support will indicate short term topping, likely with bearish divergence condition in 4H MACD. That would turn intraday bias back to the downside for deeper pullback.
In the bigger picture, up trend from 1.3051 (2022 low) is not completed. Resumption is expected after corrective pattern from 1.3433 completes. Next target will be 1.4248 key resistance. This will now remain the favored case as long as 1.2099 support holds.
