Daily Pivots: (S1) 1.2491; (P) 1.2535; (R1) 1.2559; More….

Intraday bias in GBP/USD remains neutral for the moment. Consolidation from 1.2439 might extend. But in case of another rise, upside should be limited below 1.2783 resistance to bring fall resumption. On the downside, break of 1.2439 would resume the decline from 1.3381 to retest 1.2391 low. Firm break there will resume larger down trend.

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In the bigger picture, down trend from 1.4376 (2018 high) is still in progress. Break of 1.2391 would target a test on 1.1946 long term bottom (2016 low). For now, we don’t expect a firm break there yet. Hence, focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.

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