Daily Pivots: (S1) 1.2093; (P) 1.2137; (R1) 1.2180; More…
GBP/USD’s break of 1.2079 temporary low suggests fall resumption. Intraday bias is back on the downside for 1.1946 low. Break will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396. On the upside, above 1.2209 minor resistance will turn intraday bias neutral and bring consolidations again first.
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.
