Daily Pivots: (S1) 1.2313; (P) 1.2373; (R1) 1.2475; More…
GBP/USD rebounds further as consolidation from 1.2200 extends. With 1.2509 minor resistance intact, intraday bias stays neutral and outlook remains bearish. We’d still expect upside to be limited by 1.2509 resistance and bring fall resumption. Corrective rise from 1.1946 has completed at 1.2774. Below 1.2200 will target a test on 1.1946 low. Decisive break there will confirm larger down trend resumption.
In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.
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