Daily Pivots: (S1) 1.2112; (P) 1.2152; (R1) 1.2182; More…
GBP/USD weakens in early US session but stays above 1.2079 temporary low. Intraday bias remains neutral first. In case of stronger recovery, upside should be limited by 1.2382 support turned resistance to bring fall resumption. On the downside, break of 1.2079 will target 1.1946 low. Break will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396.
In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.
