Daily Pivots: (S1) 1.2472; (P) 1.2532; (R1) 1.2601; More….
The break of 1.2542 resistance suggests that GBP/USD’s pull back from 1.2813 has completed at 1.2251. Intraday bias is back on the upside for 1.2587 and then 1.2813 high. On the downside, break of 1.2437 minor support will turn bias back to the downside for 1.2251 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.
