Daily Pivots: (S1) 1.3115; (P) 1.3192; (R1) 1.3242; More….

GBP/USD’s decline accelerates to as low as 1.3020 so far today. The break of 1.3053 support confirms short term topping at 1.3482. Intraday bias is back on the downside and deeper fall should be seen through 55 day EMA to 38.2% retracement of 1.1409 to 1.3482 at 1.2690. Reactions from there will decide whether it’s a corrective decline or reversal. On the upside, above 1.3184 minor resistance will turn intraday bias neutral first.

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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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