Daily Pivots: (S1) 1.2912; (P) 1.2944; (R1) 1.2982; More

GBP/USD’s decline from 1.3047 resumed by diving through 1.2768 to as low as 1.2693 so far. Intraday bias is turned back to the downside for 1.2614 resistance turned support now. Decisive break should confirm the completion of consolidation pattern from 1.1946. In such case, larger down trend should be resuming for a new low below 1.1946. On the upside, break of 1.2977 resistance is now needed to indicate completion of the fall from 1.3047. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. The rejection from 55 week EMA is maintaining bearishness in the pair. Also, at this point, as long as 1.3444 resistance holds, fall from 1.7190 is still expected to continue. Break of above mentioned 1.2614 support will affirm this bearish case.

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