Daily Pivots: (S1) 1.2750; (P) 1.2775; (R1) 1.2821; More…
GBP/USD rebounds to as high as 1.2837 so far today. Break of 1.2826 minor resistance confirm short term bottoming at 1.2661. Intraday bias is now on the upside for stronger rebound to 1.2956 support turned resistance. But upside should be limited there to bring fall resumption. On the downside, below 1.2754 minor support will bring retest of 1.2661 low first.
In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4091). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 1.3212 resistance holds. Retest of 1.1946 should be seen next.
