Daily Pivots: (S1) 1.3364; (P) 1.3480; (R1) 1.3545; More…
GBP/USD’s steep decline confirms short term topping at 1.3631, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside for correction to 55 D EMA (now at 1.3328). Strong support could be seen there to bring rebound. Brea of 1.3631 will resume the rally from 1.2099 and target 100% projection of 1.2099 to 1.3206 from 1.3138 at 1.3813. However, sustained break of 55 D EMA will indicate that deeper correction is underway.
In the bigger picture, up trend from 1.3051 (2022 low) is in progress. Next medium term target is 61.8% projection of 1.0351 to 1.3433 from 1.2099 at 1.4004. Outlook will now stay bullish as long as 55 W EMA (now at 1.2937) holds, even in case of deep pullback.
. Strong support could be seen there to bring rebound. Brea of 1.3631 will resume the rally from 1.2099 and target 100% projection of 1.2099 to 1.3206 from 1.3138 at 1.3813. However, sustained break of 55 D EMA will indicate that deeper correction is underway.){kind=link}