Daily Pivots: (S1) 1.2464; (P) 1.2492; (R1) 1.2519; More….
Intraday bias in GBP/USD for the moment. On the upside, firm break of 1.2542 resistance will argue that whole decline from 1.2813 has completed. Intraday bias will be turned back to the upside for 1.2813 high. Meanwhile, break of 1.2251 will resume the fall to 1.2065 key near term support 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.
