Daily Pivots: (S1) 1.4141; (P) 1.4180; (R1) 1.4228; More…
GBP/USD retreats ahead of 1.4240 high and intraday bias is turned neutral first. Further rise is still expected as long as 1.4004 support holds. Decisive break of 1.4240 will resume whole up trend from 1.1409 to 1.4376 key resistance next. However, break of 1.4004 will delay the bullish case. Intraday bias will be turned back to the downside to extend the consolidation pattern from 1.4240 with a another falling leg.
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.
