Daily Pivots: (S1) 1.3642; (P) 1.3683; (R1) 1.3717; More….
GBP/USD is still staying in range below 1.3745 and intraday bias remains neutral first. While some more consolidations could be seen, further rise is expected with 1.3518 support intact. On the upside, break of 1.3745 will turn bias to the upside, and extend the rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. On the downside, break of 1.3518 will indicate short term topping, on bearish divergence condition in 4 hour MACD. Intraday bias will be turned back to the downside for deeper pull back.
In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. On the downside, break of 1.2675 support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.
