Daily Pivots: (S1) 1.3859; (P) 1.3938; (R1) 1.4075; More…..
GBP/USD’s break of 1.4066 minor resistance suggests that pull back from 1.4345 has completed at 1.3765 already. Intraday bias is turned back to the upside for retesting 1.4345 first. Break there will resume larger up trend and target long term trend line resistance (now at 1.5105).
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 1.4279) so far. Break of 1.3038 support, will suggests that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.
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