Daily Pivots: (S1) 1.3145; (P) 1.3215; (R1) 1.3269; More….
Intraday bias in GBP/USD stays on the upside at this point. Sustained break of 100% projection of 1.1409 to 1.2647 from 1.2065 at 1.3303 will pave the way to 1.3514 structural resistance next. On the downside, break of 1.3053 support will now indicate short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.2864).
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.
