Daily Pivots: (S1) 1.3862; (P) 1.3887; (R1) 1.3929; More….
GBP/USD’s break of 1.3908 suggests that fall from 1.4248 has completed at 1.3570 already. Corrective pattern from 1.4240 might have finished too. Intraday bias is back on the upside for retesting 1.4248 high next. On the downside, below 1.3841 minor support will turn intraday bias neutral and bring retreat first, before staging another rally.
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. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed. GBP/USD would then be seen in another leg of long term range pattern between 1.1409 and 1.4376. Deeper fall could then be seen to 61.8% retracement of 1.1409 to 1.4248 at 1.2493, and even below.
