Daily Pivots: (S1) 1.2841; (P) 1.2884; (R1) 1.2911; More…
GBP/USD’s breach of 1.2833 temporary low suggests that fall from 1.3433 is resuming. Intraday bias is back on the downside for 61.8% retracement of 1.2298 to 1.3433 at 1.2732. Sustained break there will pave the way towards 1.2298 key support. On the upside, above 1.3008 resistance will turn intraday bias neutral again first.
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.
