Daily Pivots: (S1) 1.4036; (P) 1.4083; (R1) 1.4131; More…
Intraday bias in GBP/USD remains mildly on the downside at this point. Fall from 1.4248 is in progress for 1.4008 resistance turned support first. Such decline could be the third leg of the pattern from 1.4240. Break of 1.4008 will 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.
