Daily Pivots: (S1) 1.3451; (P) 1.3520; (R1) 1.3569; More

GBP/USD’s pull back from 1.3624 extends lower today, but stays above 1.3134 support. Intraday bias remains neutral first. On the upside, break of 1.3624 will target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. However, firm break of 1.3134 will confirm short term topping and turn bias to the downside for deeper decline.

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 1.3308). 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.



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