Daily Pivots: (S1) 1.2856; (P) 1.2898; (R1) 1.2945; More…
The break of 1.2926 minor resistance dampens our bearish view. Also, GBP/USD is supported above 55 day EMA so far. Intraday bias is turned back to the upside for 1.3047 resistance. Break there will extend the corrective pattern from 1.1946 for 1.3444 key resistance. On the downside, below 1.2768 will turn bias back to the downside for 1.2614 resistance turned support. Break there will likely resume the larger down trend through 1.1946 low.
In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. The rejection from 55 week EMA is maintaining bearishness in the pair. Also, at this point, as long as 1.3444 resistance holds, fall from 1.7190 is still expected to continue. Break of above mentioned 1.2614 support will affirm this bearish case.
