Daily Pivots: (S1) 1.3445; (P) 1.3500; (R1) 1.3564; More

GBP/USD’s rally continues today and hits as high as 1.3623 so far. Intraday bias remains on the upside. Current rally from 1.1409 should target 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, below 1.3450 minor support will turn intraday bias neutral first.

In the bigger picture, focus stays on 1.3514 key resistance. Decisive break there should also come with sustained trading above 55 month EMA (now at 1.3308). That should confirm medium term bottoming at 1.1409. Outlook will be turned bullish for 1.4376 resistance and above. Nevertheless, rejection by 1.3514 will maintain medium term bearishness for another lower below 1.1409 at a later stage.

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