Daily Pivots: (S1) 1.2864; (P) 1.2945; (R1) 1.3008; More…
GBP/USD quickly recovered after breaching 1.2910 support to 1.2880. Intraday bias remains neutral first. On the downside, firm break of 1.2880 will argue that rebound from 1.2657 has completed. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1409 to 1.3482 at 1.2690. On the upside, above 1.3175 will extend the rebound from 1.2675 and bring retest of 1.3482 high.
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.
