Daily Pivots: (S1) 1.2165; (P) 1.2184; (R1) 1.2205; More….
Intraday bias in GBP/USD remains neutral despite current recovery. Focus is back on 1.2296 resistance. Firm break there should come with sustained trading above 4 hour 55 EMA. That would indicate completion of the choppy fall from 1.2642, and argue that rebound from 1.1409 is not completed. Intraday bias will be turned back to 1.2647 resistance. However, as long as 1.2296 resistance holds, another fall will remain mildly in favor. Break of 1.2065 will target a test on 1.1409 low.
In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.
