Daily Pivots: (S1) 1.2732; (P) 1.2770; (R1) 1.2802; More…
GBP/USD’s break of 1.2687 support argues that rise from 1.2298 might have completed at 1.2859, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside fro 1.2633 resistance turned support first. Firm break there will target 1.2445 and below. For now, risk will be on the downside as long as 1.2859 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.3141 medium term top are seen as a corrective pattern. Fall from 1.2892 is seen as the third leg which might have completed already. Break of 1.2892 resistance will argue that larger up trend from 1.0351(2022 low) is ready to resume through 1.3141. Meanwhile, break of 1.2445 support will extend the corrective pattern with another decline instead.
