Daily Pivots: (S1) 1.3459; (P) 1.3491; (R1) 1.3536; More

GBP/USD is still bounded in range below 1.3624 and intraday bias remains neutral first. Outlook is unchanged too. On the upside, firm break of 1.3624 will resume whole rise from 1.1409. Next target is 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. This will remain the favored case as long as 1.3134 support holds.

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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