Daily Pivots: (S1) 1.2639; (P) 1.2699; (R1) 1.2746; More….
Intraday bias in GBP/USD remains mildly on the downside at this point. Recovery from 1.2559 could have completed at 1.2763 and deeper fall should be seen to retest 1.2559. Break will extend the decline from 1.3381 for 1.2391 low first. On the upside, in case of another rise, upside should be limited by by 1.2865 support turned resistance to bring fall resumption eventually.
In the bigger picture, medium term decline from 1.4376 (2018 high) is possibly ready to resume. Decisive break of 1.2391 would target a test on 1.1946 long term bottom (2016 low). For now, we don’t expect a firm break there yet. Hence focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.
