Daily Pivots: (S1) 1.3135; (P) 1.3212; (R1) 1.3328; More….
Intraday bias in GBP/USD remains on the upside for the moment. Current rally completes a a head and shoulder bottom pattern (ls: 1.2661, h: 1.2391, rs: 1.2773). Whole decline from 1.4376 should have completed. Further rally should be seen to 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. On the downside, break of 1.2968 minor support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will turn focus back to 1.2391 low and then 1.1946.
