Daily Pivots: (S1) 1.3532; (P) 1.3567; (R1) 1.3589; More…
GBP/USD’s break of 1.3489 support and 55 day EMA dampened our original bullish view. Rebound from 1.3158 is completed at 1.3748, and larger fall from 1.4282 is not over. Intraday bias is back on the downside for retesting 1.3158 low first. On the upside, though, above 1.3571 minor resistance will turn bias back to the upside for retesting 1.3748.
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.
