Daily Pivots: (S1) 1.2955; (P) 1.3007; (R1) 1.3036; More…
GBP/USD is still bounded in consolidations above 12973 temporary low. Intraday bias remains neutral at this point. On the upside, firm break of 1.3102 resistance will argue that pullback from 1.3433 has completed, and turn bias back to the upside for stronger rebound. On the downside, however, sustained break of 1.3000 cluster support (38.2% retracement of 1.2298 to 1.3433 at 1.2999) will argue that whole rise from 1.2298 has completed and bring deeper fall to 61.8% retracement at 1.2732.
In the bigger picture, as long as 1.3000 support holds, the up trend from 1.0351 (2022 low) is still in progress. Next target is 61.8% projection of 1.0351 to 1.3141 from 1.2298 at 1.4022. However, considering mild bearish divergence condition in D MACD, decisive break of 1.3000 will argue that a medium term top is already in place, and bring deeper fall back to 1.2664 support next.
 will argue that whole rise from 1.2298 has completed and bring deeper fall to 61.8% retracement at 1.2732.){kind=link}