Daily Pivots: (S1) 1.4096; (P) 1.4136; (R1) 1.4160; More…
Intraday bias in GBP/USD stays neutral and further rise is expected with 1.4098 support intact. On the upside, decisive break of 1.4240 will resume larger up trend for 1.4376 key resistance next.. On the downside, firm break of 1.4098 support will suggest rejection by 1.4240 resistance. Consolidation from 1.4240 would be then starting 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.
