Daily Pivots: (S1) 1.4068; (P) 1.4154; (R1) 1.4227; More….

Intraday bias in GBP/USD remains neutral for consolidation below 1.4240 temporary top. Deeper pull back cannot be ruled out. But downside should be contained well above 1.3828 support to bring rise resumption. Break of 1.4240 will target 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.

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.



Source link

×