Daily Pivots: (S1) 1.3072; (P) 1.3151; (R1) 1.3250; More….
GBP/USD’s rally accelerates to as high as 1.3514 so far and breaks 1.3381 resistance decisively. Intraday bias remains on the upside at this point. Current rise from 1.1958 should target 100% projection of 1.2195 to 1.3012 from 1.2827 at 1.3644 first. Break will target 161.8% projection at 1.4149 next. In any case, near term outlook will now stay bullish as long as 1.3050, even in case of deep retreat.
In the bigger picture, rise from 1.1958 medium term bottom is on track to retest 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. In any case, for now, outlook will stay bullish as long as 1.2827 support holds.
