Daily Pivots: (S1) 1.2946; (P) 1.2980; (R1) 1.3011; More…
Intraday bias in GBP/USD remains neutral for consolidation above 1.2950 temporary low. Outlook stays bearish and deeper decline is expected as long as 1.3111 resistance holds. As noted before, price actions from 1.1946 are seen as a corrective pattern and could have completed at 1.3267. Break of 1.2932 will affirm this bearish case and target 1.2588 key near term support for confirmation. However, break of 1.3111 resistance will turn bias back to the upside for retesting 1.3267 high.
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.
