Daily Pivots: (S1) 1.1395; (P) 1.1594; (R1) 1.1715; More…
A temporary low is formed at 1.1409 in GBP/USD with 4 hour MACD crossed above signal line. Intraday bias is turned neutral for some consolidations. but upside of recovery should be limited by 1.2129 resistance to bring another decline. Break of 1.1409 will resume whole decline from 1.3514.
In the bigger picture, down trend from 2.1161 (2007 high) has just resumed. Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.
