Daily Pivots: (S1) 1.2672; (P) 1.2749; (R1) 1.2797; More…
GBP/USD’s decline resumed after brief consolidation and intraday bias is back on the downside. Current fall is part of the down trend from 1.4376. GBP/USD should target 161.8% projection of 1.3362 to 1.2956 from 1.3212 at 1.2555 next. On the upside, above 1.2826 minor resistance will turn bias neutral and bring consolidation again.
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.
