Daily Pivots: (S1) 1.2659; (P) 1.2714; (R1) 1.2777; More….
GBP/USD’s rise from 1.2251 is still in progress and intraday bias stays on the upside for 1.2813 resistance. Break there will resume whole rise from 1.1409. Next target will be 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303. On the downside, break of 1.2480 support is needed to indicate short term topping. Otherwise, further rise will remain in favor in case of retreat.
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.
