Daily Pivots: (S1) 1.3596; (P) 1.3616; (R1) 1.3657; More

GBP/USD’s consolidation from 1.3702 is still extending and intraday bias remains neutral at this point. As long as 1.3428 support holds, further rally is expected. On the upside, firm break of 1.3702 will resume larger up rise form 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. However, break of 1.3428 support will turn bias to the downside, for deeper correction to 1.3134 support.

In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stays cautiously bullish in case of pullback.

Source link