Daily Pivots: (S1) 1.3129; (P) 1.3176; (R1) 1.3255; More…
GBP/USD’s rally extends further and took out 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. There is no sign of topping yet and intraday bias stays on the upside. Further rise would be seen to 1.3444 key resistance. We’ll look for topping signal again around there. On the downside, below 1.3096 minor support will turn bias neutral first. Further break of 1.2932 support will indicate reversal and will turn bias to the downside to target 1.2588 key support next.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.
