Daily Pivots: (S1) 1.2459; (P) 1.2497; (R1) 1.2545; More…
GBP/USD’s rebound from 1.1409 resumed by taking out 1.2485 resistance. Intraday bias is back on the upside for 61.8% projection of 1.1409 to 1.2485 from 1.2164 at 1.2829. On the downside, break of 1.2164 support will indicate completion of the rebound and turn bias back to the downside.
In the bigger picture, down trend from 2.1161 (2007 high) is still in progress. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.
