Daily Pivots: (S1) 1.3050; (P) 1.3092; (R1) 1.3124; More….
GBP/USD’s break of 1.3050 support how suggests that 1.31514 is indeed a short term top. Fall from there is corrective whole rise from 1.1958 low. Intraday bias is now on the downside for 38.2% retracement of 1.1958 to 1.3514 at 1.2920. On the upside, above 1.3173 minor resistance will turn bias back to the upside for retesting 1.3514.
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.
