Daily Pivots: (S1) 1.3100; (P) 1.3125; (R1) 1.3154; More…
Intraday bias in GBP/USD stays on the upside for the moment. Rebound from 1.2954 should target 1.3284 resistance. Break will pave the way to retest 1.3514 high. On the downside, below 1.3034 minor support will turn bias to the downside for retesting 38.2% retracement of 1.1958 to 1.3514 at 1.2920.
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.
