Daily Pivots: (S1) 1.3113; (P) 1.3168; (R1) 1.3245; More…
Intraday bias in GBP/USD remains on the upside and rise from 1.2773 should target 1.3267 resistance first. Break there will resume whole rise from 1.1946 and target 1.3444 key resistance next. But again, price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3123 minor support will turn intraday bias neutral first.
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 1.2773 support will be the first sign that such down trend is resuming.
