Daily Pivots: (S1) 1.2877; (P) 1.2923; (R1) 1.2954; More….
GBP/USD’s decline suggests that consolidation from 1.3012 is extending with the third falling leg. Downside should be contained by 1.2768 support to bring rise resumption. On the upside, break of 1.3012 will resume whole rally from 1.1958. However, break of 1.2768 will bring deeper fall back to 1.2582 resistance turned support.
In the bigger picture, a medium term bottom was formed 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 1.2582 resistance turned support holds. However, firm break of 1.2582 will turn focus back to 1.1946 low.