Daily Pivots: (S1) 1.3218; (P) 1.3254; (R1) 1.3285; More….
Intraday bias in GBP/USD remains on the downside for the moment. Fall from 1.3651 should extend to 61.8% retracement of 1.2773 to 1.3651 at 1.3108. Firm break there will target a test on 1.2773 key support level. On the upside, above 1.3291 minor resistance will turn bias back to the upside for 4 hour 55 EMA (now at 1.3343) first.
In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.
