Daily Pivots: (S1) 1.3051; (P) 1.3114; (R1) 1.3238; More…
Intraday bias in GBP/USD remains on the upside despite today’s retreat. Outlook is unchanged that corrective decline from 1.3381 has completed at 1.2865 already. Also, 1.2774 key support level was defended. Rise from 1.2391 is likely in progress. Further rise should be seen to retest 1.3381 high. On the downside, below 1.2987 minor support will turn bias back to the downside for 1.2865 support instead.
In the bigger picture, medium term decline from 1.4376 (2018 high) halted and made a medium term bottom after hitting 1.2391. Rebound from 1.2391 is seen as a corrective move for now. 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.
