Daily Pivots: (S1) 1.3127; (P) 1.3169; (R1) 1.3210; More…
GBP/USD’s break of 1.3210 minor resistance confirms short term bottoming at 1.2999. Intraday bias is back on the upside for rebound to 55 day EMA (now at 1.3361). On the downside, break of 1.3119 minor support will turn intraday bias back to the downside for retesting 1.2999. Firm break there will resume larger down trend from 1.4248.
In the bigger picture, current development suggests that the up trend from 1.1409 (2020 low) has completed at 1.4248. Decline from 1.4248 could still be a corrective move, or it could be the start of a long term down trend. In either case, deeper decline would be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.
