Daily Pivots: (S1) 1.2819; (P) 1.2894; (R1) 1.2943; More…
GBP/USD’s decline from 1.3267 is still in progress and intraday bias remains on the downside. As noted before, correction from 1.1946 is likely completed at 1.3267. Deeper fall should now be seen to 1.2588 key near term support. Decisive break there will confirm our bearish view. On the upside, break of 1.3030 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay cautiously bearish in case of recovery.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.
