Daily Pivots: (S1) 1.3125; (P) 1.3168; (R1) 1.3251; More

Intraday bias in GBP/USD remains on the upside for 1.3284 resistance. Break will target 1.5314 high. On the downside, break of 1.3139 minor support will turn intraday bias neutral first. Overall, price actions form 1.3514 are seen as developing into a corrective pattern, which might extend further.

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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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