Daily Pivots: (S1) 1.2948; (P) 1.2980; (R1) 1.3028; More….
GBP/USD surges to as high as 1.3044 so far and break of 1.3012 resistance indicates resumption of whole rise from 1.1958. Intraday bias is back on the upside. Current rise should target 1.3381 resistance next. For now, near term outlook will remain bullish as long as 1.2827 support holds, in case of retreat.
In the bigger picture, rise from 1.1958 medium term bottom is seen as the third leg of consolidation from 1.1946. Further rise would be seen back towards 1.4376 resistance. For now, this will remain the favored case as long as 1.2582 resistance turned support holds. However, firm break of 1.2582 will turn focus back to 1.1946 low.
