Daily Pivots: (S1) 1.3859; (P) 1.3938; (R1) 1.4075; More…..
Intraday bias in GBP/USD remains neutral for consolidation above 1.3764 temporary low. On the upside, break of 1.4066 minor resistance will suggest that corrective pull back from 1.4345 has completed. Intraday bias would then be turned back to the upside for retesting 1.4345. Break will resume larger up trend. On the downside, below 1.3764 will extend the correction to 1.3651 resistance turned support.
In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4279 so far. Break of 1.3038 support, will suggests that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.
