Daily Pivots: (S1) 1.2009; (P) 1.2092; (R1) 1.2148; More….
GBP/USD’s decline continues today and break of 1.2014 indicate larger decline resumption. Intraday bias stays on the downside for 1.1946 low. We’d be cautious on bottoming there. But decisive break will target 61.8% projection of 1.2783 to 1.2014 from 1.2309 at 1.1834. On the upside, break of 1.2309 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.