Daily Pivots: (S1) 1.3063; (P) 1.3112; (R1) 1.3167; More….
GBP/USD’s break of 1.3170 resistance suggests resumption of whole rise fro m1.1409. Intraday bias is turned back to the upside for 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 next. On the downside, break of 1.2982 support is needed to indicate short term topping. Otherwise, outlook will remain bullish 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.
