Daily Pivots: (S1) 1.2857; (P) 1.2908; (R1) 1.2934; More

A temporary low is formed at 1.2872 in GBP/USD and intraday bias is turned neutral first. Upside of recovery should be limited below 1.3209 resistance. Break of 1.2872 will resume the corrective fall from 1.3514 to 61.8% projection of 1.3514 to 1.2905 from 1.3209 at 1.2833 first. Break will target 100% projection at 1.2600 next.

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In the bigger picture, rise from 1.1958 medium term bottom is not completed yet despite current pull back form 1.3514. Such rally is expected to resume later to 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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