Daily Pivots: (S1) 1.4077; (P) 1.4100; (R1) 1.4130; More…
GBP/USD’s break of 1.4072 support suggests resumption of fall from 1.4248. Such decline could be the third leg of the pattern from 1.4240. Intraday bias is back on the downside for 1.4008 resistance turned support first. Break till target 1.3668/3800 support zone. On the upside, above 1.4127 minor resistance will turn intraday bias neutral 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.
