Daily Pivots: (S1) 1.2394; (P) 1.2442; (R1) 1.2525; More….
GBP/USD is still staying below 1.2542 resistance and intraday bias remains neutral first. Firm break of 1.2542 will suggest completion of the pullback from 1.2813. Intraday bias will be turned back to the upside to retest 1.2813 and break will resume the whole rise from 1.1409. On the downside, break of 1.2251 will resume the decline to 1.2065 key near term support instead.
In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for 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.
