Daily Pivots: (S1) 1.2129; (P) 1.2178; (R1) 1.2215; More….
GBP/USD’s fall from 1.2309 extends further today. Intraday bias remains on the downside for 1.2014 support. Break will resume larger down trend to 1.1946 low next. On the upside, above 1.2174 minor resistance will turn intraday bias neutral again. In case of another rise as consolidation from 1.2014 extends, 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.
