Daily Pivots: (S1) 1.2058; (P) 1.2148; (R1) 1.2194; More….
Intraday bias in GBP/USD remains on the downside at this point. Corrective rise from 1.1409 should have completed. Deeper fall should be seen back to retest this low next. On the upside, above 1.2238 minor resistance will turn intraday bias neutral first. But risk will stay on the down side for another decline.
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.
