Daily Pivots: (S1) 1.3069; (P) 1.3100; (R1) 1.3122; More…
Intraday bias in GBP/USD is turned neutral first with 4H MACD crossed below signal line. On the upside, decisive break of 61.8% projection of 1.2298 to 1.3043 from 1.2664 at 1.3124 and 1.3141 resistance will confirm larger up trend resumption for 100% projection at 1.3409. On the downside, break 1.3010 minor support will turn bias to the downside for deeper retreat first.
In the bigger picture, corrective pattern from 1.3141 might have completed at 1.2298 already. Rise from there could be resuming the larger up trend from 1.0351 (2022 low). Decisive break of 1.3141 will target 38.2% projection of 1.0351 to 1.3141 from 1.2298 at 1.3364 next. However, break of 1.2664 support will delay this bullish case once again and extend the corrective pattern from 1.3141.
