Daily Pivots: (S1) 1.2965; (P) 1.3008; (R1) 1.3092; More…
Intraday bias in GBP/USD remains on the upside at this point. The corrective fall form 1.3482 should have completed at 1.2675 already. Further rally would be seen to retest 1.3482/3514 resistance zone next. Decisive break there will carry larger bullish implications and target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.2845 support will dampen this view and turn focus back to 38.2% retracement of 1.1409 to 1.3482 at 1.2690.
In the bigger picture, focus is back on 1.3415 key resistance now. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3312). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.
