Daily Pivots: (S1) 1.3866; (P) 1.3930; (R1) 1.4049; More

Intraday bias in GBP/USD stays on the upside for the moment. Sustained break of 1.4000 resistance should confirm that correction from 1.4240 has completed at 1.3668 already. Further rise should be seen to retest 1.4240 high next. On the downside, below 1.3917 minor support will mix up the near term outlook and turn intraday bias neutral 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.



Source link

×