Daily Pivots: (S1) 1.2353; (P) 1.2406; (R1) 1.2437; More…
GBP/USD’s decline accelerates to as low as 1.2285 so far today after taking out 1.2382 support firmly. Medium term fall from 1.4376 has already resumed. Intraday bias stays on the downside for 61.8% projection of 1.4376 to 1.2391 from 1.3381 at 1.2154 next. Break will target 1.1946 low. On the upside, above 1.2391 minor resistance will turn intraday bias neutral first. But recovery should be limited by 1.2558 resistance to bring fall resumption.
In the bigger picture, down trend from 1.4376 (2018 high) is still in progress and is resuming. Such decline should target a test on 1.1946 long term bottom (2016 low) next. For now, we don’t expect a firm break there yet. Hence, focus will be on bottoming signal as it approaches 1.1946. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.
