Daily Pivots: (S1) 1.3660; (P) 1.3676; (R1) 1.3689; More…
Intraday bias in GBP/USD is back on the upside as up trend resumed. Current rally from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, break of 1.3428 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, the break of 1.3514 structural resistance and sustained trading above 55 month EMA (now at 1.3332) should confirm medium term bottoming at 1.1409. Rise from there should now extend to 1.4376 resistance and above. This will remain the favored case as long as 1.2675 support holds.
