Daily Pivots: (S1) 1.4062; (P) 1.4132; (R1) 1.4179; More

Intraday bias in GBP/USD remains neutral first, with immediate focus on 1.4090 support. Firm break there will confirm short term topping at 1.4248. Consolidation pattern from 1.4240 should then be in it’s third leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support and below. Though, strong rebound from current level, followed by sustained break of 1.4240, will indication resumption of larger up trend from 1.1409.

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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