Daily Pivots: (S1) 1.3386; (P) 1.3463; (R1) 1.3511; More…
Intraday bias in GBP/USD is turned neutral with current retreat, and some consolidations could be seen. Further rise is expected as long as 1.3283 support holds. Break of 1.3539 will target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, however, break of 1.3283 will indicate short term topping and turn bias to the downside for pull back.
In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3308). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.
