Daily Pivots: (S1) 1.2947; (P) 1.2978; (R1) 1.3036; More…
A temporary top is in place at 1.3029 as GBP/USD lost upside moment, with 4 hour MACD crossed below signal line. Intraday bias is turned neutral for some consolidations. Downside of retreat should be contained by 1.2849 support to bring another rally. Above 1.3029 will target 1.3047 resistance first. Break of 1.3047 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. Pull back from 1.3047 has completed after failing to sustain below 1.2614 resistance turned support. It argues that the corrective pattern from 1.1946 is still in progress for another high above 1.3047. But still, outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes.
