Daily Pivots: (S1) 1.2915; (P) 1.3047; (R1) 1.3112; More….

Fall from 1.3482 short term top is still in progress. Intraday bias in GBP/USD remains on the downside for 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 1.3067 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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