Daily Pivots: (S1) 1.2259; (P) 1.2336; (R1) 1.2406; More….
Intraday bias in GBP/USD remains mildly on the upside for retesting 1.2582 resistance. Break will resume whole rebound from 1.1958. However, on the downside, break of 1.2204 will turn bias back to the downside for 1.1946/58 key support zone next.
In the bigger picture, we’d remain cautious on medium term bottoming around 1.1946 (2016 low). Sustained trading above 55 week EMA (now at 1.2724) will extend the consolidation pattern from 1.1946 with another rise to 1.4376 resistance. Nevertheless, decisive break of 1.1946 will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135.
