Daily Pivots: (S1) 1.3102; (P) 1.3140; (R1) 1.3186; More

GBP/USD’s break of 1.3175 resistance suggests resumption of rebound from 1.2675. Intraday bias is now on the upside. Break of near term channel resistance (now at 1.3252) will indicate upside acceleration and pave the way to retest 1.3482 high. On the downside, break of 1.3092 support will mix up the near term outlook and turn intraday bias neutral again.

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In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3307). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.



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