Daily Pivots: (S1) 1.3660; (P) 1.3676; (R1) 1.3689; More…
A temporary top is formed in GBP/USD at 1.3702 and intraday bias is turned neutral first. Some consolidations could be seen. But further rally is expected as long as 1.3428 support holds. Break of 1.3707 will resume whole rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, break of 1.3428 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, the break of 1.3514 structural resistance and sustained trading above 55 month EMA (now at 1.3332) should confirm medium term bottoming at 1.1409. Rise from there should now extend to 1.4376 resistance and above. This will remain the favored case as long as 1.2675 support holds.
