Daily Pivots: (S1) 1.3386; (P) 1.3463; (R1) 1.3511; More…
GBP/USD’s break of 1.3283 support suggests short term topping at 1.3539. Intraday bias is back on the downside for 55 day EMA (now at 1.3152) first. Sustained break there will confirm another rejection by 1.3514 key resistance. Deeper fall should be seen back to 1.2675 support next. For now, risk will stay on the downside as long as 1.3539 resistance holds, in case of recovery.
In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3308). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.
