Daily Pivots: (S1) 1.2970; (P) 1.2998; (R1) 1.3030; More…
GBP/USD lost some downside momentum but there is no sign of bottoming yet. Intraday bias remains on the downside for 1.2932 support first. Price actions from 1.1946 are seen as a corrective pattern, no change is this view. Such correction could have completed at 1.3267 already. Break of 1.2932 will affirm this bearish case and target 1.2588 key near term support for confirmation. On the upside, however, above 1.3058 minor resistance will turn bias back to the upside for recovery first. But deeper fall is expected as long as 1.3267 resistance holds.
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.
