Daily Pivots: (S1) 1.2998; (P) 1.3041; (R1) 1.3085; More

GBP/USD’s break of 1.3118 suggests that pull back from 1.3284 has completed. Intraday bias is back on the upside for 1.3284 resistance first. Break will pave the way to retest 1.3514 high. On the downside, below 1.3034 minor support will turn bias tot he downside for retesting 38.2% retracement of 1.1958 to 1.3514 at 1.2920.

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In the bigger picture, rise from 1.1958 medium term bottom is expected to extend higher 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 1.2582 resistance turned support holds.

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