Daily Pivots: (S1) 1.3007; (P) 1.3044; (R1) 1.3069; More….
GBP/USD is staying in consolidation below 1.3102 temporary top and intraday bias remains neutral first. The corrective pull back from 1.3381 should have completed at 1.2865 already. On the upside, above 1.3102 will target 1.3381 resistance first. Break will resume whole rebound from 1.2391. On the downside, though, break of 1.2865 will target 1.2773 key support instead.
In the bigger picture, medium term decline from 1.4376 (2018 high) halted after hitting 1.2391. The structure of the rebound from 1.2391 suggests that it’s a corrective move. In case of another rise, strong resistance could be seen around 61.8% retracement of 1.4376 to 1.2391 at 1.3618 to limit upside. On the downside, break of 1.2773 support will suggests that such corrective rise is completed and bring retest of 1.2391 low first.
