Daily Pivots: (S1) 1.2843; (P) 1.2886; (R1) 1.2923; More…
Intraday bias in GBP/USD remains on the downside with 1.2929 minor resistance intact. Corrective fall form 1.3514 is in progress and should target 50% retracement of 1.1958 to 1.3514 at 1.2736 next. On the downside, above 1.2929 minor resistance will turn intraday bias neutral first. But further fall is expected as long as 1.3069 resistance holds, in case of recovery.
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.
