Daily Pivots: (S1) 1.3687; (P) 1.3716; (R1) 1.3763; More….
Intraday bias in GBP/USD remains neutral for the moment, and outlook is unchanged. We’d continue to expect strong support from 38.2% retracement of 1.2675 to 1.4240 at 1.3642 to complete the correction from 1.4240. On the upside, above 1.3816 minor resistance will turn bias to the upside for 1.4000 resistance first. break will bring retest of 1.4240 high. However, sustained break of 1.3564 will bring deeper fall to 1.3482 key resistance turned support.
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 target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.
