Daily Pivots: (S1) 1.3144; (P) 1.3213; (R1) 1.3253; More…
A temporary low is formed at 1.3158 with current recovery, and intraday bias in GBP/USD is turned neutral. Some consolidations could be seen, but outlook will remain bearish as long as 1.3479 resistance holds. Below 1.3158 will resume the fall from 1.3867 to 61.8% projection of 1.3867 to 1.3216 from 1.3479 at 1.3077 first. Decisive break there could prompt downward acceleration through 1.3008 support to 100% projection at 1.2828.
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.
