Daily Pivots: (S1) 1.2581; (P) 1.2626; (R1) 1.2651; More….
Intraday bias in GBP/USD is turned neutral with today’s retreat. Further rise will remain in favor as long as 1.2508 minor support holds. Above 1.2669 temporary top will extend the rise from 1.2251 to retest 1.2813 high. On the downside, though, break of 1.2508 support will turn bias back to the downside for 1.2251 support instead.
In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.
