Daily Pivots: (S1) 1.3049; (P) 1.3082; (R1) 1.3132; More…
GBP/USD rises further to as high as 1.3223 so far and intraday bias remains on the upside for 1.3267 resistance. Break there will extend larger rally from 1.1946 to 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3114 minor support will turn intraday bias neutral first.
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.
