Daily pivots: (S1) 1.2297; (P) 1.2346; (R1) 1.2400; More….
Intraday bias in GBP / USD remains on the upside, up from 1.2065 in progress. Current developments argue that the rebound from 1.1409 may still be underway. A new rally would be observed at 1.2647 and the break will aim for a projection of 61.8% from 1.1409 to 1.2647 from 1.2065 to 1.2830 thereafter. On the downside, however, minor support below 1.2204 will instead reduce the downward bias to 1.2065.
Overall, although the rebound from 1.1409 is strong, there is no indication yet of a trend reversal. The downward trend from 2.1161 (2007 high) is expected to resume sooner or later. The next medium-term objective will be a 61.8% projection of 1.7190 to 1.1946 against 1.3514 to 1.0273. In any case, the outlook will remain bearish as long as the resistance at 1.3514 is maintained, in the event of a strong rebound.