Daily Pivots: (S1) 1.3363; (P) 1.3398; (R1) 1.3430; More…
Further decline is expected in GBP/USD with 1.3523 minor resistance intact. As noted before, rebound from 1.3158 has completed at 1.3748 already, and down trend from 1.4248 is not over yet.. Retest of 1.3158 low should be seen next. On the upside, though, above 1.3523 minor resistance will turn bias back to the upside for retesting 1.3748.
In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, up trend from 1.1409 (2020 low) is still in progress. On resumption, next target will be 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Nevertheless sustained break of 1.3164 will argue that whole rise from 1.1409 has completed and bring deeper fall to 61.8% retracement at 1.2493.
