Daily Pivots: (S1) 1.2983; (P) 1.3073; (R1) 1.3124; More…
Intraday GBP/USD remains on the downside for 1.2932 support. Price actions from 1.1946 are viewed as a corrective pattern, no change is this view. Such correction could have completed at 1.3267 already. Break of 1.2932 will affirm this bearish case and target 1.2588 key near term support for confirmation. On the upside, however, above 1.3163 minor resistance will turn bias back to the upside for 1.3267 instead.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.
