Daily Pivots: (S1) 1.2968; (P) 1.3038; (R1) 1.3087; More….
Intraday bias in GBP/USD remains on the downside as decline from 1.3350 is in progress. Sustained break of trend line support (now at 1.2973) will argue that rebound from 1.2391 has completed earlier than expected at 1.3350. Deeper fall would then be seen to 1.2773 support for confirmation. On the upside, above 1.3184 minor resistance will suggest that the pull back has completed. Intraday bias will be turned back to the upside for 1.3350.
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 dampen this view. Focus will be turned back to 1.2391 low and break will resume the fall from 1.4376 to 1.1946.
