Daily Pivots: (S1) 1.3514; (P) 1.3567; (R1) 1.3599; More…
GBP/USD’s break of 1.3485 support suggests that recovery from 1.3356 has completed, and fall from 1.3748 is ready to resume. intraday bias is back on the downside for 1.3356 support first. Break there target a test on 1.3158 low. For now, risk will stay on the downside as long as 1.3642 resistance holds, in case of recovery.
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.
