Daily Pivots: (S1) 1.3727; (P) 1.3757; (R1) 1.3786; More…
Intraday bias in GBP/USD remains on the downside as this point. As noted before, rebound from 1.3570 should have completed at 1.3982, after the rejection by 55 day EMA. Deeper fall would be seen to retest 1.3570 first. Break will target 1.3482 resistance turned support. On the upside, above 1.3785 minor resistance will mix up the near term outlook and turn intraday bias neutral 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. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed. GBP/USD would then be seen as in another leg of long term range pattern between 1.1409 and 1.4376. Deeper fall could then be seen to 61.8% retracement of 1.1409 to 1.4248 at 1.2493, and even below.
