Daily Pivots: (S1) 1.3136; (P) 1.3259; (R1) 1.3462; More….
GBP/USD spiked higher to 1.3381 and breached 1.3350 resistance. But it quickly retreated back into prior range. Intraday bias remains neutral first. For now, as long as 1.2960 support holds and further rise is in favor. Sustained break of 1.3350/3381 will resume whole rebound from 1.2391 low to 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. However, on the downside, firm break of 1.2960 will indicate 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.
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.