Daily Pivots: (S1) 1.3196; (P) 1.3257; (R1) 1.3339; More….

GBP/USD’s pound pull back from 1.3482 extends lower today but stays well above 1.3053 support so far. Intraday bias remains neutral and further rise is still in favor. On the upside, break of 1.3482 will resume the whole rise from 1.1409 to 1.3514 key resistance next. However, break of 1.3053 will indicate short term topping and initial rejection by 1.3514. Intraday bias will be turned back to the downside for 55 day EMA (now at 1.2964) and below.

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In the bigger picture, immediate focus is still 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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