Daily Pivots: (S1) 1.4011; (P) 1.4045; (R1) 1.4083; More…
GBP/USD recovers today but stays below 1.4165 resistance. Intraday bias remains neutral first. But further rise is expected with 1.4008 resistance turned support intact. On the upside, break of 1.4165 will resume the rally from 1.3668 to retest 1.4240 high. Firm break there will resume larger up trend from 1.1409 low for 1.4376 long term resistance next. However, firm break of 1.4008 will delay the bullish case and extend the corrective pattern from 1.4240 with another falling leg.
In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.
