Daily Pivots: (S1) 1.2513; (P) 1.2589; (R1) 1.2628; More….
Intraday bias in GBP?USD stays neutral first with focus back on 1.2508 minor support. Break there will indicate completion of rebound from 1.2251. In this case, intraday bias is turned back to the downside for 1.2251 support. Break there should then confirm completion of whole rebound from 1.1409. on the upside, above 1.2669 temporary will turn bias back to the upside for 1.2813 resistance 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.
