Daily Pivots: (S1) 1.2887; (P) 1.2941; (R1) 1.2974; More…
Further decline is expected in GBP/USD as long as 1.3070 resistance holds, despite loss of momentum as seen in 4H MACD. Fall from 1.3433 should target 61.8% retracement of 1.2298 to 1.3433 at 1.2732. However, firm break of 1.3070 resistance will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, considering mildly bearish divergence condition in D MACD, a medium term top is likely in place at 1.3433 already. Price actions from there are seen as correction to whole up trend from 1.0351 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. Strong support should be seen there to bring rebound.
