Daily Pivots: (S1) 1.4134; (P) 1.4160; (R1) 1.4202; More….
GBP/USD’s rise extends to as high as 1.4214 so far. Intraday bias remains on the upside for 1.4243 resistance and then 1.4345 high. Firm break of 1.4345 will resume medium term rally and target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519 next. On the downside, below 1.4144 minor support will turn intraday bias neutral first. But outlook will stay cautiously bullish as long as 1.3964 support holds in case of retreat.
In the bigger picture, as long as 1.3651 resistance turned support holds, medium term outlook in GBP/USD will remain bullish. Rise from 1.1946 is at least correcting the long term down trend from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4267) so far. Break of 1.3651 will be the first sign of medium term reversal and turn focus to 1.3038 support for confirmation.
