Daily Pivots: (S1) 1.3827; (P) 1.3867; (R1) 1.3905; More….

GBP/USD’s up trend resumes after brief consolidation and hits as high as 1.3977 so far. Intraday bias is back on the upside. Current rise from 1.1409 should target 1.4376 long term resistance next. On the downside, break of 1.3828 support will indicate short term topping, and bring deeper pull back instead.

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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