Daily Pivots: (S1) 1.2569; (P) 1.2609; (R1) 1.2635; More….
Intraday bias in GBP/USD remains mildly on the downside. Corrective recovery from 1.2506 should have completed at 1.2783. Firm break of 1.2506 will resume larger fall from 1.3381 to 1.2391 low. On the upside, above 1.2645 minor resistance will extend the consolidation from 1.2506 with another rise. But upside should be limited by 38.2% retracement of 1.3381 to 1.2506 at 1.2840 to bring fall resumption eventually.
In the bigger picture, down trend from 1.4376 (2018 high) is still in progress. 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.
