Daily Pivots: (S1) 1.4062; (P) 1.4132; (R1) 1.4179; More

GBP/USD rebounds after drawing support from 1.4090. Intraday bias remains neutral and near term bullishness is retained. On the upside, sustained break of 1.4240, will indication resumption of larger up trend from 1.1409, for 1.4376 resistance next. On the downside, break of 1.4090 will indicate the start of the third leg of the consolidation pattern from 1.4240. Intraday bias will be turned back to the downside for 1.4008 resistance turned support and below.

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