Daily Pivots: (S1) 1.1003; (P) 1.1073; (R1) 1.1127; More…
GBP/USD lost some downside momentum after dipping to 1.0996 and intraday bias is turned neutral first. Rebound from 1.0351 could have complete at 1.1494. Risk will stay on the downside as long as this resistance holds. Break of 1.0996 will resume the fall to retest 1.0351 low.
In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.
