Daily Pivots: (S1) 1.2184; (P) 1.2213; (R1) 1.2260; More….
GBP/USD’s decline is still in progress and intraday bias remains on the downside. Corrective rebound from 1.1409 should have completed. Deeper fall would be seen to retest 1.1409 low. On the upside, above 1.2266 minor resistance will turn intraday bias neutral first.
In the bigger picture, while the rebound from 1.1409 is strong, there is no indication of trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.
