Daily Pivots: (S1) 1.2399; (P) 1.2464; (R1) 1.2521; More…
Intraday bias in GBP/USD remains neutral first and another rise is mildly in favor as long as 1.2164 support holds. Above 1.2647 will extend the rebound from 1.1409 to 61.8% projection of 1.1409 to 1.2485 from 1.2164 at 1.2829. However, break of 1.2164 support will indicate completion of the rebound and turn bias back to the downside for retesting 1.1409 low.
In the bigger picture, down trend from 2.1161 (2007 high) is still in progress. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.
