Daily Pivots: (S1) 1.2009; (P) 1.2092; (R1) 1.2148; More….
Intraday bias in GBP/USD remains on the downside for further decline. We’d remain cautious on bottoming at 1.1946 low. On the upside, above 1.2137 minor resistance will turn intraday bias neutral first. But break of 1.2309 resistance needed to confirm short term bottoming. Otherwise, outlook will remain bearish for further decline. On the downside, decisive break of 1.1946 will target 61.8% projection of 1.2783 to 1.2014 from 1.2309 at 1.1834.
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.
