Daily Pivots: (S1) 1.2999; (P) 1.3054; (R1) 1.3125; More….
Intraday bias in GBP/USD remains neutral but focus is back on 1.3170 temporary top with today’s rebound. Break there will resume larger rise from 1.1409 to 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. On the downside, break of 1.2982 minor support turn bias back to the downside for 1.2813 cluster support (38.2% retracement of 1.2251 to 1.3170 at 1.2819).
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.
