Daily Pivots: (S1) 1.2980; (P) 1.3094; (R1) 1.3215; More…
Intraday bias in GBP/USD remains neutral first and more consolidations would be seen below 1.3206. Downside of retreat should be contained above 1.2878 support to bring another rally. Break of 1.3206 will resume the rise from 1.2099 to 61.8% projection of 1.2248 to 1.3013 from 1.2878 at 1.3351.another rally. However, considering bearish divergence condition in 4H MACD, break of 1.2878 will indicate short term topping, and turn bias back to the downside.
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 (2021 high). This will now remain the favored case as long as 1.2099 support holds.
