Daily Pivots: (S1) 1.3030; (P) 1.3067; (R1) 1.3094; More…
GBP/USD’s fall from 1.3174 extends lower with break of 1.3034 minor support. Current development suggests that correction from 1.3514 is still in progress. Intraday bias is back on the downside for 38.2% retracement of 1.1958 to 1.3514 at 1.2920. On the upside, break of 1.3174 will turn bias to the upside for 1.3284 resistance instead.
In the bigger picture, rise from 1.1958 medium term bottom is 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.
