Daily Pivots: (S1) 1.2194; (P) 1.2274; (R1) 1.2342; More….
GBP/USD recovers mildly today but stays below 1.2363 temporary top. Intraday bias remains neutral and further rise is expected with 1.2155 minor support intact. On the upside, above 1.2363 will turn bias to the upside for 1.2647 resistance. Break there will resume the rebound from 1.1409 to 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, however, below 1.2155 minor support will turn bias back to the downside for 1.2065 instead.
In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. 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.
