Daily Pivots: (S1) 1.3337; (P) 1.3403; (R1) 1.3447; More…
Intraday bias in GBP/USD stays on the downside. Fall from 1.3748 should target a test on 1.3158 low first. Break there will resume larger down trend from 1.4248. On the upside, though, above 1.3523 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.
