Daily Pivots: (S1) 1.3141; (P) 1.3182; (R1) 1.3203; More…
GBP/USD’s rally resumed quickly after brief consolidations. Break of 1.3267 resistance also confirms resumption of whole rise from 1.1946. Intraday bias is back on the upside for 1.3444 key resistance next. At this point, we’d maintain that 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, 1.3158 minor support will turn intraday bias neutral again.
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.
