Daily Pivots: (S1) 1.2853; (P) 1.2877; (R1) 1.2915; More…
GBP/USD formed a temporary low at 1.2840 and intraday bias is turned neutral first. Some consolidation could be seen but outlook will stay bearish as long as 1.3030 resistance holds. We’re preferring the case that correction from 1.1946 is completed at 1.3267. Below 1.2840 will target 1.2588 key support to confirm our bearish view. Nonetheless, break of 1.3030 will dampen our view and turn bias back to the upside for retesting 1.3267.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.
