Daily Pivots: (S1) 1.2731; (P) 1.2796; (R1) 1.2876; More…
GBP/USD’s rebound from 1.2588 extended higher to 1.2849 so far. Break of 1.2813 resistance argues that pull back from 1.3047 has completed at 1.2588. Intraday bias is turned back to the upside for 1.2977 resistance first. Break there will likely extend the larger rise through 1.3047 resistance. On the downside, below 1.2705 minor support will turn intraday bias back to the downside for 1.2588 instead.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. Pull back from 1.3047 has completed after failing to sustain below 1.2614 resistance turned support. It argues that the corrective pattern from 1.1946 is still in progress for another high above 1.3047. But still, outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is still expected to resume later after the correction completes.
