Daily Pivots: (S1) 1.3589; (P) 1.3631; (R1) 1.3657; More…
Intraday bias in GBP/USD is mildly on the downside at this point. Rebound from 1.3410 has possibly completed at 1.3833 already. Deeper fall would be seen to retest 1.340 low. On the upside, though, break of 1.3708 minor resistance will turn bias back to the upside for 1.3833 resistance again.
In the bigger picture, the structure of the fall from 1.4248 suggests that it’s a correction to the up trend from 1.1409 (2020 low) only. While deeper fall cannot be ruled out yet, downside should be contained by 38.2% retracement of 1.1409 to 1.4248 at 1.3164, at least on first attempt, to bring rebound. On the upside, firm break of 1.4376 key resistance (2018 high) will add to the case of long term bullish reversal. However, sustained trading below 1.3164 will revive some medium term bearishness and target 61.8% retracement at 1.2493.
