Daily Pivots: (S1) 1.2311; (P) 1.2383; (R1) 1.2423; More….
Intraday bias in GBP/USD remains on the downside at this point. The firm break of 55 day EMA argues that whole rebound from 1.1409 has completed with three waves up to 1.2813. Further fall should be seen to 1.2065 support for confirmation. On the upside, break of 1.2587 minor resistance will turn bias back to the upside instead.
In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.
