Daily Pivots: (S1) 1.2242; (P) 1.2380; (R1) 1.2459; More…
GBP/USD accelerates lower today and intraday bias remains on the downside. Decisive break of 1.2154 low will will resume larger down trend. Next target is 61.8% projection of 1.3297 to 1.2154 from 1.2666 at 1.1960. Break there will target 100% projection at 1.1523 next. On the upside, above 1.2310 minor resistance will delay the bearish case, and turn intraday bias neutral first.
In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2666 resistance holds. On resumption, next target is 1.1409 low.
