GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3431; (P) 1.3465; (R1) 1.3521; More

Intraday bias in GBP/USD remains on the upside for the moment. Current development suggests that corrective fall from 1.4248 has completed with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. Further rise should be seen to 1.3570 support turned resistance. Sustained break there will further affirm this bullish case and target 1.3833 resistance next. On the downside, break of 1.3375 minor support will turn intraday bias neutral first.

In the bigger picture, focus remains on 38.2% retracement of 1.1409 to 1.4248 at 1.3164. Sustained break there will argue that whole rise from 1.1409 has completed at 1.4248, after rejection by 1.4376 long term resistance. That will revive some medium term bearishness and and target 61.8% retracement at 1.2493. However, strong rebound from current level will revive argue that up trend from 1.1409 is still in progress, and probably ready to resume.

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