GBP/USD Daily Outlook

Daily Pivots: (S1) 1.4011; (P) 1.4058; (R1) 1.4134;

Intraday bias in GBP/USD remains cautiously on the upside for the moment. The pull back from 1.4243 should have completed at 1.3964, after drawing support from 1.3982 support. Further rise should be seen to 1.4243 first. Break will target a test on 1.4345 high next. On the downside, however, sustained break of 1.3964/82 will indicate completion of the rise from 1.3711. In that case, deeper decline should be seen back to retest 1.3711.

In the bigger picture, as long as 1.3651 resistance turned support holds, medium term outlook in GBP/USD will remain bullish. Rise from 1.1946 is at least correcting the long term down trend 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 1.4267) so far. Break of 1.3651 will be the first sign of medium term reversal and turn focus to 1.3038 support for confirmation.

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