Daily Pivots: (S1) 1.3758; (P) 1.3783; (R1) 1.3805; More

Intraday bias in GBP/USD remains neutral as range trading continues. Deeper fall is still in favor with 1.3917 resistance intact. On the downside, break of 1.3668/9 will resume the correction from 1.4240 to 1.3482 key resistance turned support. However, firm break of 1.3917 will suggest that the correction has completed, and bring stronger rise to 1.4000 resistance first.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.



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