Daily Pivots: (S1) 1.3018; (P) 1.3069; (R1) 1.3155; More….
GBP/USD’s rally is still in progress and reaches as high as 1.3143 so far. Intraday bias remains on the upside for 1.3381 resistance next. On the downside, below 1.3063 minor support will turn intraday bias neutral and bring consolidation. But downside of retreat should be contained above 1.2827 support to bring another rally.
In the bigger picture, rise from 1.1958 medium term bottom is seen as the third leg of consolidation from 1.1946. Further rise would be seen back towards 1.4376 resistance. For now, this will remain the favored case as long as 1.2582 resistance turned support holds. However, firm break of 1.2582 will turn focus back to 1.1946 low.
