Daily Pivots: (S1) 1.2948; (P) 1.2980; (R1) 1.3028; More….
GBP/USD’s rally accelerates to as high as 1.3109 so far and intraday bias remains on the upside. Rally from 1.1958 has just resumed today and should target 1.3381 resistance next. On the downside, below 1.2982 minor support will turn intraday bias neutral first. But near term outlook will remain bullish as long as 1.2827 support holds, in case of retreat.
In the bigger picture, rise from 1.1958 medium term bottom 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.
