Daily Pivots: (S1) 1.3765; (P) 1.3792; (R1) 1.3848; More….
GBP/USD’s rally is still in progress and intraday bias stays on the upside for the moment. Current up trend from 1.1409 is in progress for 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3740 minor support will turn bias neutral and bring consolidations. But outlook will stay bullish as long as 1.3564 support holds.
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. Decisive break there will carry larger bullish implications and open the case of long term up trend. 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.
