Daily Pivots: (S1) 1.2948; (P) 1.3040; (R1) 1.3091; More….
Intraday bias in GBP/USD remains on the downside at this point. Fall from 1.3514 is correcting whole rise from 1.1958. Deeper decline would be seen to 38.2% retracement of 1.1958 to 1.3514 at 1.2920. On the upside, above 1.3173 minor resistance will turn bias back to the upside for retesting 1.3514.
In the bigger picture, rise from 1.1958 medium term bottom is on track to retest 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. In any case, for now, outlook will stay bullish as long as 1.2827 support holds.
