Daily Pivots: (S1) 1.4074; (P) 1.4096; (R1) 1.4137; More….

GBP/USD’s rally continues today and hits as high as 14240 so far. Strong break of channel resistance suggests up side acceleration. Intraday bias stays on the upside for 1.4376 long term resistance next. Firm break there will pave the way to 100% projection of 1.1409 to 1.3482 from 1.2675 at 1.4748. On the downside, below 1.4053 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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 implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.

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