Daily Pivots: (S1) 1.2966; (P) 1.3007; (R1) 1.3072; More…
No change in GBP/USD’s outlook as corrective pattern from 1.3514 is extending. On the downside, sustained break of 38.2% retracement of 1.1958 to 1.3514 at 1,2920 will pave the way to 61.8% retracement at 1.2552. On the upside, break of 1.3209 should bring retest of 1.3514 high.
In the bigger picture, rise from 1.1958 medium term bottom is 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.
