Daily Pivots: (S1) 1.3820; (P) 1.3907; (R1) 1.3967; More…..
No change in GBP/USD’s outlook. Intraday bias remains on the downside with 1.3999 minor resistance intact. Fall from 1.4345 short term top should extend to 1.3651 resistance turned support. For the moment, it’s unsure whether the decline is correcting rise from 1.3038, or that from 1.1946, or it’s reversing the trend. Break of 1.3651 will turn focus to key fibonacci level at 1.3429. On the upside, above 1.3999 minor resistance will turn intraday bias neutral first.
In the bigger picture, sustained break of 1.3835 key resistance level indicates that rebound from 1.1946 is at least correcting the long term down from from 2007 high at 2.1161. Further rise should now be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. Medium term outlook will stay bullish 38.2% retracement of 1.1946 to 1.4345 at 1.3429, in case of deep pull back.