Daily Pivots: (S1) 1.2297; (P) 1.2346; (R1) 1.2400; More….
GBP/USD’s rebound from 1.2065 is still in progress and intraday bias remains on the upside. Current developments argues that rebound from 1.1409 is possibly still in progress. Further rally would be seen to 1.2647 and break will target 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, however, below 1.2204 minor support will turn bias back to the downside for 1.2065 instead.
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.
