Daily Pivots: (S1) 1.3514; (P) 1.3567; (R1) 1.3599; More…
GBP/USD falls to as low as 1.3317 so far and broke 1.3356 support. Intraday bias stays on the downside for retesting 1.3158 low. Current development suggest larger decline from 1.4240 is still in progress. Firm break of 1.3158 will target 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 next. For now, risk will stay on the downside as long as 1.3485 support turned resistance holds, in case of recovery.
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.
