Daily Pivots: (S1) 1.2859; (P) 1.2887; (R1) 1.2925; More

A temporary low is in place at 1.2830 and intraday bias in GBP/USD is turned neutral first. Some consolidation could be seen but upside should be limited by 1.3030 resistance to bring fall resumption. As noted before, we’re favoring the case that correction from 1.1946 is completed at 1.3267. Below 1.2830 will target 1.2588 key near term support. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low.

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.

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