Daily Pivots: (S1) 1.2362; (P) 1.2464; (R1) 1.2526; More….
GBP/USD’s fall from 1.2813 continues today and intraday bias remains on the downside. Sustained trading below 55 day EMA (now at 1.2473) suggests that whole rebound from 1.1409 has completed. Deeper fall would be seen to 1.2065 support for confirmation. On the upside, break of 1.2587 minor resistance will turn bias back to the upside instead.
In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for rend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.
