Daily Pivots: (S1) 1.2741; (P) 1.2772; (R1) 1.2827; More….
GBP/USD’s rally continues today and hits as high as 1.2858 so far. Break of 1.2813 resistance suggests resumption of whole rise from 1.1409. Intraday bias remains on the upside for 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. On the downside, below 1.2673 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.2480 support to bring another rally.
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.
