Daily Pivots: (S1) 1.3926; (P) 1.3961; (R1) 1.3996; More….
GBP/USD is losing some upside momentum as seen in 4 hour MACD. But with 1.3873 minor support intact, intraday bias stays on the upside for 1.4144 resistance. As noted before, corrective pull back from 1.4345 could have completed at 1.3711 already. Break of 1.4144 should confirm this bullish case and target 1.4345 high and above. On the downside, below 1.3873 minor support will turn bias to the downside to extend the corrective fall from 1.4345 instead.
In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4259) so far. Break of 1.3038 support, will suggest that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.
