Daily Pivots: (S1) 1.2716; (P) 1.2777; (R1) 1.2831; More…
For now, with 1.2817 minor resistance intraday, intraday bias in GBP/USD on the downside. Current decline should extend to 161.8% projection of 1.3362 to 1.2956 from 1.3212 at 1.2555 next. On the upside, above 1.2817 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited by 1.2956 support turned resistance to bring fall resumption.
In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4141). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 1.3212 resistance holds. Retest of 1.1946 should be seen next.
