Daily Pivots: (S1) 1.2267; (P) 1.2306; (R1) 1.2337; More….
Intraday bias in GBP/USD stays mildly on the downside for the moment. Rebound from 1.1958 should have completed at 1.2582. Firm break of 1.2283 will bring retest of 1.1946 key support level. On the upside, break of 1.2582 will resume the rebound to 61.8% retracement of 1.3381 to 1.1958 at 1.2837.
In the bigger picture, we’d remain cautious on medium term bottoming around 1.1946 (2016 low). Sustained trading above 55 week EMA (now at 1.2742) will extend the consolidation pattern from 1.1946 with another rise to 1.4376 resistance. Nevertheless, decisive break of 1.1946 will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.
