GBP/USD’s rebound from 1.2154 extends higher today, but stays below 1.2637 resistance. Intraday bias remains neutral first. Considering bullish convergence condition in 4 hour MACD, break of 1.2637 will confirm short term bottoming at 1.2154. Intraday bias will be turned back to the upside for 55 day EMA (now at 1.2781). On the downside, below 1.2329 minor support will bring retest of 1.2154 first. Break there will resume larger down trend from 1.4248.
In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) at least at the same degree as the rise from 1.1409 (2020 low). That is, fall from 1.4248 could be a leg inside the pattern from 1.1409, or resuming the longer term down trend. In either case, deeper decline is expected as long as 1.2999 support turned resistance holds. Next target is 1.1409 low.
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