Daily Pivots: (S1) 1.3053; (P) 1.3103; (R1) 1.3135; More…
GBP/USD is staying in range below 1.3175 temporary top and intraday bias remains neutral at this point. With 1.2910 support intact, further rise is expected. On the upside, break of 1.3175 will resume the rebound from 1.2675 to retest 1.3482 high. On the downside, break of 1.2910 minor support will turn bias back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690 instead.
In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3307). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.
