Daily Pivots: (S1) 1.4036; (P) 1.4083; (R1) 1.4131; More…
Intraday bias in GBP/USD is turned neutral with today’s recovery and break of 1.4127 minor resistance. On the downside, break of 1.4033 will target 1.4008 resistance turned support. Sustained break there should confirm that consolidation pattern from 1.4240 has started the third leg. On the upside, though, break of 1.4248 will resume larger up trend from 1.1409.
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.
