Daily Pivots: (S1) 1.2216; (P) 1.2297; (R1) 1.2337; More….
Focus remains on 1.2247 support in GBP/USD. Firm break there will complete a double top (1.2647, 1.2645) pattern. That would suggest completion of corrective rebound from 1.1409. Intraday bias will be turned back to the downside for retesting this low. On the upside, break of 1.2647 will resume the rebound from 1.1409 to 1.3200 resistance next.
In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. 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.
