Daily Pivots: (S1) 1.2099; (P) 1.2185; (R1) 1.2246; More…
GBP/USD’s fall resumed after brief consolidation and intraday bias is back on the downside. Decline from 1.2774 should target a test on 1.1946 low next. As noted before, decisive break there will confirm our bearish view and resume the larger down trend. In any case, outlook will stay bearish as long as 1.2432 resistance holds.
In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.
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