Daily Pivots: (S1) 1.2916; (P) 1.2970; (R1) 1.3055; More….
Intraday bias in GBP/USD remains neutral and some more consolidation could be seen above 1.2885 temporary low. While recovery might be seen, risk will remain on the downside as long as 1.3482 holds. Break of 1.2885 will extend the fall from 1.3842 to 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Reactions from there will decide whether it’s a corrective decline or reversal.
In the bigger picture, immediate focus is still on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.
