Daily Pivots: (S1) 1.3239; (P) 1.3276; (R1) 1.3307; More

GBP/USD is still bounded in consolidation from 1.3313 and intraday bias remains neural at this point. With 1.3106 support intact, further rise is still in favor. On the upside, break of 1.3313 will resume the rise from 1.2675 and bring retest of 1.3482 high. However, sustained break of 1.3106 will argue that the rebound from 1.2675 has completed. Intraday bias will be turned back to the downside for 1.2853 support.

– advertisement –

In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3304). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.

Source link