Daily Pivots: (S1) 1.2243; (P) 1.2299; (R1) 1.2387; More….
Intraday bias in GBP/USD remains on the upside at this point. Rebound from 1.1958 short term bottom should target 38.2% retracement of 1.3381 to 1.1958 at 1.2502 first. Break will target 61.8% retracement at 1.2837. On the downside, break of 1.2162 minor support will turn bias back to the downside for 1.1958 support instead.
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.
