Daily Pivots: (S1) 1.2520; (P) 1.2543; (R1) 1.2580; More….
Intraday bias in GBP/USD remains neutral for consolidation above 1.2506 temporary low. Upside of recovery should be limited below 1.2763 resistance to bring fall resumption. On the downside, below 1.2506 will extend the fall from 1.3381 to 1.2391 low. Decisive break there will confirm resumption of larger down trend. Nevertheless, break of 1.2763 will indicate short term bottoming and bring stronger rebound.
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.
