Daily Pivots: (S1) 1.2731; (P) 1.2796; (R1) 1.2876; More…
GBP/USD’s rally accelerates to as high as 1.2911 so far today and intraday bias remains on the upside. Pull back from 1.3047 should have completed at 1.2588 already. Rise from there should now target 1.2977 resistance first. Break there will likely extend the larger rise through 1.3047 resistance. On the downside, below 1.2793 minor support will turn bias neutral first and bring retreat.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. Pull back from 1.3047 has completed after failing to sustain below 1.2614 resistance turned support. It argues that the corrective pattern from 1.1946 is still in progress for another high above 1.3047. But still, outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes.
