Daily Pivots: (S1) 1.3834; (P) 1.3886; (R1) 1.3985; More….
Intraday bias in GBP/USD remains neutral at this point. Consolidation pattern from 1.3785 temporary low could extend further. On the downside, break of 1.3785 will resume the fall from 1.3785, as third leg of consolidation pattern from 1.4240, to 1.3668 support and below. On the upside, sustained break of 4 hour 55 EMA (now at 1.3992) will bring retest of 1.4240/8 resistance zone instead.
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.
