Daily Pivots: (S1) 1.3333; (P) 1.3408; (R1) 1.3458; More….
A temporary top is in place at 1.3482 after hitting 161.8% projection of 1.2065 to 1.2813 from 1.2251 at 1.3461. Intraday bias in GBP/USD is turned neutral for some consolidations. Deeper retreat might be seen. But downside should be contained above 1.3053 support to bring another rally. Break of 1.3482 will target 1.3514 key resistance next. Though, firm break of 1.3053 will confirm short term topping and bring deeper correction.
In the bigger picture, immediate focus is now on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.
