Daily Pivots: (S1) 1.3294; (P) 1.3358; (R1) 1.3396; More….
GBP/USD’s corrective pull back from 1.3514 is still in progress and extending. Deeper fall could be seen but downside should be contained above 1.3050 support to bring another rally. On the upside, above 1.3514 will extend the rally from 1.1958 to 100% projection of 1.2195 to 1.3012 from 1.2827 at 1.3644 first. Break will target 161.8% projection at 1.4149 next.
In the bigger picture, rise from 1.1958 medium term bottom is on track to retest 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. In any case, for now, outlook will stay bullish as long as 1.2827 support holds.
