Daily Pivots: (S1) 1.3051; (P) 1.3114; (R1) 1.3238; More…
A temporary top is in place in GBP/USD at 1.3176 and intraday bias is turned neutral first. Further rise is expected as long as 1.2987 minor support holds. We’d holding on to the view that corrective decline from 1.3381 has completed at 1.2865 already. On the upside, above 1.3176 will target a retest on 1.3381 high first. On the downside, below 1.2987 minor support will turn bias back to the downside for 1.2865 support instead.
In the bigger picture, medium term decline from 1.4376 (2018 high) halted and made a medium term bottom after hitting 1.2391. Rebound from 1.2391 is seen as a corrective move for now. In case of another rise, strong resistance could be seen around 61.8% retracement of 1.4376 to 1.2391 at 1.3618 to limit upside. On the downside, break of 1.2773 support will suggests that such corrective rise is completed and bring retest of 1.2391 low first.
