Daily Pivots: (S1) 1.4129; (P) 1.4161; (R1) 1.4221; More

Intraday bias in GBP/USD remains neutral as consolidation continues below 1.4219 resistance. With 1.4004 support intact, further rise is expected. On the upside, decisive break of 1.4240 high will resume whole up trend from 1.1409 to 1.4376 key resistance next. However, break of 1.4004 will delay the bullish case. Intraday bias will be turned back to the downside to extend the consolidation pattern from 1.4240 with another falling leg.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.



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