Daily Pivots: (S1) 1.2908; (P) 1.2927; (R1) 1.2951; More….
GBP/USD’s rebound from 1.2865 extends through 1.3019 minor resistance today. The development dampens original bearish view. It suggest that corrective pull back from 1.3381 has completed at 1.2865. And rebound from 1.2391 hasn’t completed yet. Intraday bias is back on the upside for retesting 1.3381 first. On the downside, though, break of 1.2865 will target 1.2773 key support.
In the bigger picture, medium term decline from 1.4376 (2018 high) halted after hitting 1.2391. The structure of the rebound from 1.2391 suggests that it’s a corrective move. In case of another rise, strong resistance could be seen around 61.8% retracement of 1.4376 to 1.2391 at 1.3618 to limit upside. On the downside, break of 1.2773 support will suggests that such corrective rise is completed and bring retest of 1.2391 low first.
