Daily Pivots: (S1) 1.3665; (P) 1.3708; (R1) 1.3746; More…
Intraday bias sin GBP/USD stays mildly on the downside. Break of 1.3669 will resume the correction from 1.4240. Next target is 1.3482 key resistance turned support On the upside, above 1.3781 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 1.3917 resistance holds.
In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.
