Daily Pivots: (S1) 1.3464; (P) 1.3496; (R1) 1.3557; More…
Intraday bias in GBP/USD stays neutral with focus on 1.3523 minor resistance. Further fall is still in favor with 1.3523 intact. Break of 1.3356 will resume the decline from 1.3748 to retest 1.3158 low, as part of the down trend form 1.4248. However, firm break of 1.3523 minor resistance will dampen this bearish case and turn bias back to the upside for retesting 1.3748.
In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, 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.
