Daily Pivots: (S1) 1.3191; (P) 1.3221; (R1) 1.3252; More…
GBP/USD lost some momentum after hitting 1.3249. Intraday bias is turned neutral for some consolidations first. Further rally is expected as long as 1.3096 minor support holds. Above 1.3249 will target 1.3444 key resistance. But still, price actions from 1.1946 are viewed as a corrective pattern. Hence, we’ll look for topping signal again around 1.3444. Meanwhile, break of 1.3096 will be the first sign of reversal. Intraday bias will be turned back to 1.2932 support first in that case.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.
