Daily Pivots: (S1) 1.2768; (P) 1.2815; (R1) 1.2842; More….

GBP/USD drops to as low as 1.2736 so far today and intraday bias remains on the downside. Current decline from 1.3381 should target retesting 1.2391 low. On the upside, above 1.28.08 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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