Daily Pivots: (S1) 1.3229; (P) 1.3289; (R1) 1.3318; More…
Immediate focus is now on 1.3216 support in GBP/USD. Firm break there will resume the fall from 1.3867 to 1.3008 structural support. In any case, outlook will continue to stay bearish as long as 1.3482 resistance holds.
In the bigger picture, considering bearish divergence condition in both D and W MACD, a medium term top should be in place at 1.3867. Firm break of 1.3008 support will argue that fall from 1.3867 is at least correcting the rise from 1.0351 (2022 low) with risk of bearish reversal. That would open up further decline to 38.2% retracement of 1.0351 to 1.3867 at 1.2524. For now, medium term outlook will be neutral at best as long as 1.3867 resistance holds, or until further development.
