Daily Pivots: (S1) 1.2185; (P) 1.2262; (R1) 1.2314; More….
GBP/USD’s break of 1.2247 support completes a double top pattern (1.2647, 1.2645) . Corrective rebound form 1.1409 should have completed. Intraday bias is back on the downside for retesting 1.1409 low. On the upside, though, break of 1.2467 resistance will turn bias back to the upside for 1.2647 resistance instead.
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.
