Daily pivots: (S1) 1.3146; (P) 1.3182; (R1) 1.3248; More….
Intraday bias in GBP / USD remains neutral as line trading expands. With 1.3005 support intact, further increase is still mildly in favor. A solid break of 100% projection from 1.1409 to 1.2647 from 1.2065 at 1.3303 paves the way for 1.3514 structural resistance next. However, given the bearish divergence state in the 4 hour MACD, breaches of 1.3006 should confirm short-term topping. Intraday bias will be returned to the disadvantage in 55 days EMA (now at 1.2863).
In the bigger picture, the rebound from 1.1409 is strong, but there is still not enough evidence of trend reversal. Down trend from 2.1161 (2007 high) should still be resumed sooner or later. However, the crucial break of 1.3514 should at least confirm the medium term at the bottom and first turn the outlook to 1.4376 resistance.