Daily Pivots: (S1) 1.3541; (P) 1.3572; (R1) 1.3612; More…
Intraday bias in GBP/USD is neutral as consolidation from 1.3602 temporary top is extending. Further rise is still expected as long as 1.3430 minor support holds. Corrective fall from 1.4248 could have completed with three waves down to 1.3158, after hitting 1.3164 medium term fibonacci level. Sustained trading above 1.3570 will pave the way to 1.3833 resistance next. On the downside, however, break of 1.3430 will dampen this bullish case and turn bias back to the downside for 1.3158 low.
In the bigger picture, strong support was seen from 38.2% retracement of 1.1409 to 1.4248 at 1.3164. The development suggests that up trend from 1.1409 (2020 low) is still in progress. On resumption, next target will be 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Nevertheless sustained break of 1.3164 will argue that whole rise from 1.1409 has completed and bring deeper fall to 61.8% retracement at 1.2493.
