Daily Pivots: (S1) 1.2817; (P) 1.2857; (R1) 1.2930; More….
Intraday bias in GBP/USD remains neutral for consolidation above 1.2773 temporary low. With 1.2958 minor resistance intact, further decline is expected. Break of 1.2773 will resume the fall from 1.3217 to retest 1.2391 low. On the upside, however, break of 1.2958 resistance will turn bias to the upside for retesting 1.3217 instead.
In the bigger picture, the rejection by 1.3174 key resistance revived the original view on GBP/USD. That is, decline from 1.4376 is possibly resuming long term down trend from 2.1161 (2007 high). Firm break of 1.2391 will solidify this bearish case and target 1.1946 (2016 low). However, decisive break of 1.3174 will invalidate this bearish case again and turn outlook bullish.
