Daily Pivots: (S1) 1.3676; (P) 1.3711; (R1) 1.3771; More…
Intraday bias in GBP/USD is turned neutral with today’s retreat. Though, further rally is expected as long as 1.3518 support intact. Break of 1.3745 will extend the up trend from 1.1409, to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, however, firm break of 1.3518 will confirm short term topping, and turn intraday bias back to the downside for channel support (now at 1.3398) first.
In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stays cautiously bullish in case of pullback.
