Daily Pivots: (S1) 1.2960; (P) 1.2988; (R1) 1.3024; More….
GBP/USD’s break of 1.3079 minor resistance suggests that corrective fall form 1.3514 has completed at 1.2905, after drawing support from 38.2% retracement of 1.1958 to 1.3514 at 1.2920. Intraday bias is turned back to the upside for retesting 1.3514 high. On the downside, sustained trading below 1.2920 will pave the way to 61.8% retracement at 1.2552.
In the bigger picture, rise from 1.1958 medium term bottom expected to extend higher 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 1.2582 resistance turned support holds.
