Daily Pivots: (S1) 1.3460; (P) 1.3518; (R1) 1.3602; More…
Intraday bias in GBP/USD remains neutral with focus on 1.6308 support turned resistance. Decisive break there will indicate short term bottoming at 1.3410. Intraday bias will be turned back to the upside for 55 day EMA (now at 1.3745) first. On the downside, break of 1.3410 will target 1.3164 medium term fibonacci level next.
In the bigger picture, fall from 1.4248 is at least a correction to the up trend from 1.1409 (2020 low). Such correction could extend to 38.2% retracement of 1.1409 to 1.4248 at 1.3164 before completion. However, considering the rejection by 1.4376 key resistance (2018 high), sustained trading below 1.3164 will argue that it’s indeed a bearish trend reversal and would target 61.8% retracement at 1.2493. Nevertheless, break of 1.3912 resistance will revive medium term bullishness and target 1.4248/4376 resistance zone again.
