Daily Pivots: (S1) 1.3333; (P) 1.3408; (R1) 1.3458; More….

Intraday bias in GBP/USD remains neutral for consolidation below 1.3482 temporary top. Near term outlook will remain bullish as long as 1.3053 support holds. Break of 1.3482 will target 1.3514 key resistance next. Though, firm break of 1.3053 will confirm short term topping and bring deeper correction.

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In the bigger picture, immediate focus is now on 1.3514 resistance. Decisive break there should at least confirm medium term bottoming at 1.1409. Further rise should be seen to 1.4376 resistance first. Though, rejection by 1.3514 will retain bearishness for resuming the down trend from 2.1161 (2007 high) at a later stage.

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