GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3959; (P) 1.3998; (R1) 1.4043; More….

Intraday bias in GBP/USD remains on the upside at this point. Current up trend from 1.1409 is in progress for 1.4376 long term resistance next. On the downside, break of 1.3950 minor support will turn intraday bias neutral, and bring consolidations, before staging another rally.

In the bigger picture, rise from 1.1409 medium term bottom is in progress. Further rally would be seen to 1.4376 resistance and above. Decisive break there will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. On the downside, break of 1.3482 resistance turned support is needed to be first indication of completion of the rise. Otherwise, outlook will stay cautiously bullish even in case of deep pullback.