GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3240; (P) 1.3256; (R1) 1.3265; More….

GBP/USD’s rebound from 1.2905 is still in progress and intraday bias stays on the upside for retesting 1.3514 high. Break will resume whole rally from 1.1958 low. On the downside, break of 1.3105 minor support will extend the correction from 1.3514 with another fall. Intraday bias will be turned back to the downside for 38.2% retracement of 1.1958 to 1.3514 at 1.2920.

In the bigger picture, rise from 1.1958 medium term bottom expected to extend higher to retest 1.4376 key resistance. Reactions from there would decide whether it’s in consolidation from 1.1946 (2016 low). Or, firm break of 1.4376 will indicate long term bullish reversal. In any case, for now, outlook will stay bullish as long as 1.2582 resistance turned support holds.