Daily Pivots: (S1) 1.3631; (P) 1.3671; (R1) 1.3724; More…
GBP/USD failed to break through 1.3702 resistance decisively and retreated. Intraday bias remains neutral as more consolidation could be seen. Still outlook will stay bullish as long as 1.3428 support holds, even in case of deeper retreat. On the upside, decisive break of 1.3702 will resume whole rise from 1.1409. Intraday bias will be turned back to the upside for 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956.
In the bigger picture, the break of 1.3514 structural resistance and sustained trading above 55 month EMA (now at 1.3328) 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.
