Daily Pivots: (S1) 1.3305; (P) 1.3362; (R1) 1.3405; More…
GBP/USD’s decline resumes by breaking 1.3272 temporary low. Intraday bias is back on the downside for 1.3158 low. Further break there will resume larger down trend from 1.4248. For now, outlook will stay bearish as long as 1.3416 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.
