Daily Pivots: (S1) 1.3613; (P) 1.3648; (R1) 1.3678; More….
GBP/USD’s strong rebound and break of 1.3682 minor resistance argue that correction from 1.3758 has completed at 1.3564. Intraday bias is back on the downside for 1.3758 high first. Break will resume larger up trend from 1.1409. On the downside, through, break of 1.3564 will resume the correction to channel support (now at 1.3481).
In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.
