Daily Pivots: (S1) 1.3781; (P) 1.3850; (R1) 1.3898; More…
Focus is back on 1.3808 minor support in GBP/USD. Break there will dampen our bullish view, and suggests that correction from 1.4240 is still underway. Intraday bias will be turned back to the downside for 38.2% retracement of 1.2675 to 1.4240 at 1.3642. On the upside, above 1.3917 will extend the rebound from 1.3669 to 1.4000 resistance. Decisive break there will confirm completion of the correction from 1.4240, and bring retest of this high.
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. Decisive break there will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.
