Daily Pivots: (S1) 1.3893; (P) 1.3936; (R1) 1.3986; More….
GBP/USD rises to as high as 1.4087 so far today as boosted by Brexit news. Break of 1.3995 confirms resumption of rebound from 1.3711. Also, it affirms the case that correction from 1.4345 has completed. Intraday bias is back on the upside for 1.4144 resistance first. Break should confirm this bullish view and send GBP/USD through 1.4345 to resumer larger up trend. On the downside, break of 1.3888 minor support is needed to indicate completion of the rebound. Otherwise, further rise will now be in favor.
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.
