Daily Pivots: (S1) 1.2871; (P) 1.2933; (R1) 1.3014; More….

Intraday bias in GBP/USD remains neutral for consolidation above 1.2854 temporary low. Risk stays on the downside as long as 1.3217 resistance holds. As noted before, rebound from 1.2391 has completed at 1.3217, after rejection by 1.3174 key resistance. Firm break of 1.2814 resistance turned support will bring retest of 1.2391 low.

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In the bigger picture, the rejection by 1.3174 key resistance revived the original view on GBP/USD. That is, decline from 1.4376 is possibly resuming long term down trend from 2.1161 (2007 high). Firm break of 1.2391 will solidify this bearish case and target 1.1946 (2016 low). However, decisive break of 1.3174 will invalidate this bearish case again and turn outlook bullish.

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