Daily Pivots: (S1) 1.3736; (P) 1.3755; (R1) 1.3777; More…
GBP/USD’s rebound from 1.3601 resumes today and the break of 1.3785 minor resistance suggests that fall from 1.3982 has completed. Intraday bias is back on the upside for 1.3982 resistance first. Firm break there will pave the way back to retest 1.4248 high. On the downside, break of 1.3678 will turn bias back to the downside for 1.3570 low, and possibly further to 1.3482 key resistance turned support.
In the bigger picture, current development argues that rise from 1.1409 (2020 low) has completed at 1.4248, after failing 1.4376 resistance. Fall from there could either be correcting the rise from 1.1409, or starting another falling leg inside long term sideway pattern. In either case, sustained break of 1.3482 resistance turned support will target 38.2% retracement of 1.1409 to 1.4248 at 1.3164 first. Break there will pave the way to 61.8% retracement at 1.2493.
