Daily Pivots: (S1) 1.2885; (P) 1.2949; (R1) 1.3023; More….
A temporary top should be in place at 1.3012 in GBP/USD with today’s retreat. Intraday bias is turned neutral for some consolidations first. Downside of retreat should be contained above 1.2582 resistance turned support to bring another rally. On the upside, above 1.3012 will extend the rise 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.
