Daily Pivots: (S1) 1.3134; (P) 1.3230; (R1) 1.3324; More…
GBP/USD rebounds strongly today but it’s held well below 1.3529 resistance. Intraday bias is turned neutral first and another fall remains mildly in favor. On the downside, sustained break of 1.3134 should confirm another rejection by 1.3514 key resistance. Deeper decline would be seen back to 1.2675 support next. Nevertheless sustained break of 1.3539 would resume whole rise form 1.1409 and carry larger bullish implications.
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 1.3308). 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.
