Daily Pivots: (S1) 1.4255; (P) 1.4316; (R1) 1.4350; More…
Intraday bias in GBP/USD is turned neutral with a temporary top in place at 1.4372. Some consolidations could be seen. But downside should be contained by 1.4144 minor support to bring another rally. On the upside, break of 1.4372 will resume medium term rise to 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. However, break of 1.4144 will be and early sign of medium term topping and turn focus back to 1.3965 support first.
In the bigger picture, rise from 1.1946 (2016 low) is in progress and resuming. It is at least correcting the long term down trend 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. We’d continue to favor this medium term bullish view as long as 1.3711 support holds, even in case of deep pull back.
