Daily Pivots: (S1) 1.3521; (P) 1.3579; (R1) 1.3618; More…
GBP/USD’s pull back from 1.3702 extends today but stays above 1.3428 support. Intraday bias remains neutral first. Further rise is expected as long as 1.3428 support holds. Break of 1.3702 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 will indicate short term top, and turn bias to the downside for deeper pull back, to 1.3134 support next.
In the bigger picture, the break of 1.3514 structural resistance and sustained trading above 55 month EMA (now at 1.3328) 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.
