Daily Pivots: (S1) 1.4096; (P) 1.4121; (R1) 1.4165; More…
GBP/USD’s break of 1.4165 confirms resumption of rise from 1.3668. Intraday bias is back on the upside to retest 1.4240 high. Firm break there will also resumption whole up trend from 1.1409 to 1.4376 key resistance next. On the downside, break of 1.4004 support is needed to signal short term topping. Otherwise, outlook will remain bullish in case of retreat.
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.
