Daily Pivots: (S1) 1.3244; (P) 1.3298; (R1) 1.3362; More….
A temporary top is in place at 1.3350 with 4 hour MACD crossed below signal line. Intraday bias in GBP/USD is turned neutral for some consolidations. Downside of retreat should be contained by 1.3109 resistance turned support to bring another rally. On the upside, above 1.3350 will target 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. Sustained break will pave the way to 1.4376.
In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will turn focus back to 1.2391 low and then 1.1946.
