Daily Pivots: (S1) 1.2905; (P) 1.2962; (R1) 1.2996; More….
Intraday bias in GBP/USD remains on the downside for the moment. Current development suggest that corrective rebound from 1.2391 has completed earlier than expected at 1.3381. Further decline should be seen to 1.2773 support. Firm break there will confirm this bearish case and target 1.2391 low again. On the upside, though, break of 1.3019 minor resistance will dampen this bearish case and turn bias back to the upside for rebound.
In the bigger picture, medium term decline from 1.4376 (2018 high) halted after hitting 1.2391. Rise from 1.2391 could have completed after just missing 50% retracement of 1.4376 to 1.2391 at 1.338. Such rebound could be a correction to fall from 1.4376 only. Break of 1.2773 support will affirm this bearish case and target 1.2391. Break of 1.2391 will resume the fall from 1.4376 to 1.1946 (2016 low).
