Daily Pivots: (S1) 1.2804; (P) 1.2827; (R1) 1.2859; More

A temporary low is in place at 1.2774 in GBP/USD and intraday bias is turned neutral first. We’re holing on to view that rise from 1.2108 is completed. Hence, upside of current recovery should b limited by 1.2926 minor resistance and bring another decline. below 1.2774 will target 1.2614 resistance turned support next. Break there should also indicate completion of whole consolidation pattern from 1.1946 and target a retest on this low. Meanwhile, above 1.2926 minor resistance will turn focus back to 1.3047 high instead.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. The rejection from 55 week EMA is maintaining bearishness in the pair. Also, at this point, as long as 1.3444 resistance holds, fall from 1.7190 is still expected to continue. Break of above mentioned 1.2614 support will affirm this bearish case.

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