Daily Pivots: (S1) 1.2821; (P) 1.2896; (R1) 1.2998; More…
GBP/USD’s rally continues to as high as 1.2994 so far and broke 1.2977 resistance. Intraday bias remains on the upside. Break of 1.3047 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. On the downside, below 1.2913 minor support will turn bias neutral and bring retreat, before staging rally resumption.
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 expected to resume later after the correction completes.
