Daily Pivots: (S1) 1.2765; (P) 1.2877; (R1) 1.3005; More….
A temporary top is formed at 1.2989 and intraday bias in GBP/USD is turned neutral. Some consolidations could be seen. But pull back should be contained above 1.2582 resistance turned support to bring rise resumption. On the upside, break of 1.2989 will extend the rally from 1.1958 to 161.8% projection of 1.1958 to 1.2582 from 1.2195 at 1.3205 next.
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.
