Daily Pivots: (S1) 1.2979; (P) 1.3022; (R1) 1.3069; More…
Intraday bias in GBP/USD stays on the downside. Break of 1.2905 support will resume whole correction from 1.3514. Next downside target will be 61.8% projection of 1.3514 to 1.2905 from 1.3174 at 1.2798. On the upside, break of 1.3174 resistance 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.
