Daily Pivots: (S1) 1.4146; (P) 1.4178; (R1) 1.4221; More

GBP/USD is still bounded in consolidation from 1.4232 and intraday bias remains neutral for the moment. Further rise is still in favor with 1.4090 support intact. On the upside, decisive break of 1.4240 resistance will resume larger up trend from 1.1409, for 1.4376 key resistance next. On the downside, though, break of 1.4090 support will extend the consolidation from 1.4240 with another falling leg. Intraday bias will be turned back to the downside for 1.4008 resistance turned support 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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