Daily Pivots: (S1) 1.2805; (P) 1.2864; (R1) 1.2902; More….

GBP/USD drops further to as low as 1.2793 so far today and intraday bias stays on the downside. Rebound from 1.2391 should have completed 1.3381 already. Deeper fall should be seen to retest 1.3381 low. On the upside, above 1.2851 minor resistance will turn intraday bias neutral for consolidation first. But recovery should be limited well below 1.3176 resistance to bring fall resumption.

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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.

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