Daily Pivots: (S1) 1.3803; (P) 1.3834; (R1) 1.3866; More….

A temporary top is formed at 1.3865 in GBP/USD and intraday bias turned neutral for consolidations. Downside of retreat should be contained well above 1.3964 support to bring another rally. On the upside, break of 1.3865 will resume the up trend from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 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 implications and open the case of long term up trend. 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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