Daily Pivots: (S1) 1.2674; (P) 1.2709; (R1) 1.2774; More….
Intraday bias in GBP/USD is turned neutral for consolidation below 1.2767 temporary top. Further rise will remain in favor as long as 1.2480 support holds. On the upside, above 1.2767 will target 1.2813 resistance first. 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.
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.
