Daily Pivots: (S1) 1.2912; (P) 1.2944; (R1) 1.2982; More…
Intraday bias in GBP/USD remains on the downside as the decline from 1.3047 is still in progress for 1.2614 key support level. We’re favoring the case that whole consolidation pattern from 1.1946 has completed at 1.3047 already. Decisive break of 1.2614 should confirm this bearish view. In such case, larger down trend should be resuming for a new low below 1.1946. On the upside, break of 1.2977 resistance is now needed to indicate completion of the fall from 1.3047. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. The rejection from 55 week EMA is maintaining bearishness in the pair. Also, at this point, as long as 1.3444 resistance holds, fall from 1.7190 is still expected to continue. Break of above mentioned 1.2614 support will affirm this bearish case.
