Daily Pivots: (S1) 1.2890; (P) 1.2922; (R1) 1.2970; More…
Intraday bias in GBP/USD remains on the upside for 1.3029/47 resistance zone. Decisive break there will extend the larger rally to 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 next. On the downside, below 1.2934 minor support will turn bias to the downside for 1.2811. Break of 1.2811 and 55 day EMA will dampen our bullish view and target 1.2588 support instead.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is now in favor, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.
