Daily Pivots: (S1) 1.3865; (P) 1.3908; (R1) 1.3948; More….

A temporary top should be formed at 1.3951 in GBP/USD, just ahead of 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Intraday bias is turned neutral for some consolidations first. Deeper pull back cannot be ruled out. But strong support should be seen in 1.3564/3758 zone to contain downside. On the upside, sustained break of 1.3956 will extend the up trend from 1.1409 to 1.4376 long tem resistance next.

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. Decisive break there will carry larger bullish implication. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

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