Daily Pivots: (S1) 1.3435; (P) 1.3526; (R1) 1.3674; More…
Intraday bias in GBP/USD remains on the upside for the moment. current medium term rally should extend to 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405). On the downside, below 1.3522 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, the strong break of 1.3444 key resistance now argues that the long term trend in GBP/USD has reversed. That is a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bullish as long as 1.2773 support holds.
