Daily Pivots: (S1) 1.3240; (P) 1.3256; (R1) 1.3265; More….
Intraday bias in GBP/USD is turned neutral as it retreats after hitting 1.3284 temporary top. Further rise expected as long as 1.3105 minor support holds. Break of 1.3284 will extend the rebound from 1.2905 to retest 1.3514 high. On the downside, break of 1.3105 will turn bias back to the downside for 38.2% retracement of 1.1958 to 1.3514 at 1.2920.
In the bigger picture, rise from 1.1958 medium term bottom expected to extend higher 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 1.2582 resistance turned support holds.
