Daily Pivots: (S1) 1.3171; (P) 1.3243; (R1) 1.3294; More…
GBP/USD is losing some upside momentum after failing to sustain above near term channel resistance. But further rise is still in favor as long as 1.3118 minor support holds. On the upside, sustained break of channel resistance (now at 1.3279) will indicate upside acceleration and pave the way to retest 1.3482 high. On the downside, break of 1.3118 minor support support will turn bias back to the downside for 1.2853 support 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.
