Daily Pivots: (S1) 1.3710; (P) 1.3746; (R1) 1.3773; More…
Intraday bias in GBP/USD remains mildly on the downside at this point. Firm break of 1.3669 will resume whole corrective fall from 1.4240. Deeper decline would be seen to 1.3482 resistance turned support next. On the upside, above 1.3781 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 1.3917 resistance holds.
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. Decisive break there will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.
