Daily Pivots: (S1) 1.2541; (P) 1.2582; (R1) 1.2655; More….
GBP/USD’s rally from 1.2251 continues today and intraday bias stays on the upside. Break of 1.2587 resistance will bring retest of 1.2813 high. On the downside, break of 1.2462 support will turn bias back to the downside for 1.2251 support instead.
In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend 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.
