Daily Pivots: (S1) 1.2701; (P) 1.2786; (R1) 1.2913; More….
GBP/USD spiked higher to 1.2989 earlier today but quickly retreated. Nevertheless, as long as 1.2655 minor support holds, intraday bias remains on the upside. Current rise from 1.1958 should target 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next. On the downside, below 1.2516 minor support will turn intraday bias neutral again. But retreat should be contained well above 1.2195 support for another rally.
In the bigger picture, current development affirms the case of medium term bottoming at 1.1958, ahead of 1.1946 (2016 low). At this point, rise from 1.1958 is seen as the third leg of consolidation from 1.1946. Further rise would be seen back towards 1.4376 resistance. For now, this will remain the favored case as long as 1.2195 support holds.
