Daily Pivots: (S1) 1.2165; (P) 1.2184; (R1) 1.2205; More….

GBP/USD’s break of 1.2296 minor resistance suggests resumption of rebound from 1.2065. More importantly, corrective pattern from 1.2647 might have completed and rise from 1.1409 might be resuming. Intraday bias is back on the upside for 1.2647 resistance. Break will confirm and target 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next. On the downside, below 1.2155 minor support will turn bias back to the downside for 1.2065 instead.

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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.

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