Daily Pivots: (S1) 1.4086; (P) 1.4138; (R1) 1.4165; More…
GBP/USD dipped to 1.4072 earlier today but quickly recovered. Intraday bias remains neutral first. On the upside, sustained break of 1.4240 will resume larger up trend from 1.1409, for 1.4376 key resistance next. On the downside, however, firm break of 1.4072 will extend the consolidation from 1.4240 with another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support first.
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.
