Daily Pivots: (S1) 1.3024; (P) 1.3074; (R1) 1.3116; More….

GBP/USD recovers notably after drawing support from 4 hour 55 EMA. But it’s still staying below 1.3185 resistance and intraday bias remains neutral. Overall, further rally is expected with 1.2982 support intact. On the upside, break of 1.3184 will resume larger rise to 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303. However, break of 1.2982 support should confirm short term topping. Intraday bias will be turned back to the downside for 1.2813 resistance turned support.

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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.

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