Daily Pivots: (S1) 1.3136; (P) 1.3159; (R1) 1.3195; More….

Outlook in GBP/USD remains unchanged an intraday bias stays neutral. Focus is on 1.3109 minor support. Firm break will be an early sign of near term reversal and bring deeper fall to trend line support (now at 1.2956). Break will target 1.2774 support to confirm completion of rebound from 1.2391. Nevertheless, rebound from current level, followed by break of 1.3350, will resume rise from 1.2391 to 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next.

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In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is now seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will turn focus back to 1.2391 low and then 1.1946.


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