Daily Pivots: (S1) 1.2685; (P) 1.2781; (R1) 1.2843; More…
Intraday bias in GBP/USD stays on the downside at this point. Decisive break of 61.8% retracement of 1.2298 to 1.3433 at 1.2732 will extend the decline from 1.3433 to 1.2298 key support. On the upside, above 1.2833 support turned resistance will turn intraday bias neutral and bring consolidations 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.
