Daily Pivots: (S1) 1.3373; (P) 1.3464; (R1) 1.3516; More…
With 1.3554 minor resistance intact, intraday bias in GBP/USD remains on the downside. Current decline from 1.4248 should target 1.3163 medium term fibonacci level next. On the upside, above 1.3554 minor resistance will turn intraday bias neutral and bring consolidation, before staging another fall.
In the bigger picture, fall from 1.4248 is at least a correction to the up trend from 1.1409 (2020 low). Such correction could extend to 38.2% retracement of 1.1409 to 1.4248 at 1.3164 before completion. However, considering the rejection by 1.4376 key resistance (2018 high), sustained trading below 1.3164 will argue that it’s indeed a bearish trend reversal and would target 61.8% retracement at 1.2493. Nevertheless, break of 1.3912 resistance will revive medium term bullishness and target 1.4248/4376 resistance zone again.
