Daily Pivots: (S1) 1.1791; (P) 1.1828; (R1) 1.1871; More…
Intraday bias in GBP/USD remains neutral and outlook is unchanged. Consolidation from 1.1716 could extend, but upside of recovery should be limited by 1.2002 support turned resistance to bring another fall. Break of 1.1716 will resume larger down trend to 1.1409 long term support.
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 1.2292 resistance holds. Next target is 1.1409 low. However, firm break of 1.2292 will bring stronger rise back to 55 week EMA (now at 1.2859).
