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

GBP/USD breaches 1.3702 resistance again today but couldn’t stay above there yet. Intraday bias remains neutral first. Still as long as 1.3518 support holds, further rise is expected. On the upside, firm break of 1.3702 will resume larger up rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. However, break of 1.3518 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.

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