Daily pivots: (S1) 1.2494; (P) 1.2535; (R1) 1.2591; More….
The GBP / USD rally is still ongoing and intraday bias remains on the front for 1.2647 resistance. Breaks that will resume the entire increase from 1.1409 and target 61.8% forecast from 1.1409 to 1.2647 from 1.2565 at 1.2830 next. However, on the downside, less support below 1.2375 will return bias to the downside instead of 1.2565.
In the bigger picture, rebound from 1.1409 is strong, but there is no indication of trend reversal yet. The down trend from 2.1161 (2007 high) still had to resume sooner or later. The next medium-term target will be 61.8% forecast from 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, the outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.