Daily Pivots: (S1) 1.2183; (P) 1.2246; (R1) 1.2350; More…
GBP/USD’s rebound from 1.2108 extends higher today. The break of 1.2346 resistance argues that fall from 1.2705 is completed. And, the consolidation pattern from 1.1946 is extending with another rising leg. Intraday bias is turned back to the upside for 1.2569 resistance first. Break will target 1.2705/2774 resistance zone next. On the downside, below 1.2240 minor support will turn bias back to the downside for 1.2108 instead.
In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.
