Daily Pivots: (S1) 1.3820; (P) 1.3849; (R1) 1.3870; More…
GBP/USD’s break of 1.3766 support suggests that rebound from 1.3570 has completed at 1.3982. Intraday bias is back on the downside for retesting 1.3570 first. The rejection by 55 day EMA affirms near term bearishness. Break of 1.3570 will target 1.3482 resistance turned support. On the upside, above 1.3877 minor resistance will turn bias back to the upside for 1.3982.
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. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed. GBP/USD would then be seen as in another leg of long term range pattern between 1.1409 and 1.4376. Deeper fall could then be seen to 61.8% retracement of 1.1409 to 1.4248 at 1.2493, and even below.
