Daily Pivots: (S1) 1.2460; (P) 1.2528; (R1) 1.2644; More…
GBP/USD rebounds further today but stays below 1.2673 so far. Intraday bias remains neutral. Overall, rise from 1.1986 is seen as the third leg of the consolidation pattern from 1.1946. Above 1.2673 will turn bias to the upside and extend such rise towards 1.2774 resistance. We’d expect strong resistance from there to limit upside and bring down trend resumption eventually. On the downside, firm break of 1.2414 minor support will argue that it’s completed and turn bias to the downside for 1.1946 low.
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.
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