Daily Pivots: (S1) 1.2129; (P) 1.2178; (R1) 1.2215; More….
Intraday bias in GBP/USD remains on the downside as this point. At noted before, corrective recovery from 1.2014 could have completed at 1.2309. Further decline would be seen to retest 1.2014. Decisive break will resume larger down trend to 1.1946 low. On the upside, above 1.2309 will resume the corrective rise from 1.2014. But upside should be limited by 38.2% retracement of 1.3381 to 1.2014 at 1.2536 to bring down trend resumption eventually.
In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.
