Daily Pivots: (S1) 1.2656; (P) 1.2696; (R1) 1.2764; More….
Intraday bias in GBP/USD remains neutral for the moment. Some consolidations would be seen but downside should be contained by 1.2500 support. On the upside, break of 1.2755 will extend the rise from 1.1409 to 61.8% projection of 1.1409 to 1.2647 from 1.2065 at 1.2830 next.
In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.
