Daily Pivots: (S1) 1.3153; (P) 1.3189; (R1) 1.3219; More…
Intraday bias in GBP/USD remains neutral for the moment. On the upside, above 1.3297 will resume the rebound from 1.2999 to 55 day EMA (now at 1.3340). On the downside, below 1.3119 minor support will turn bias back to the downside for retesting 1.2999 low. Firm break there will resume larger down trend from 1.4248.
In the bigger picture, current development suggests that the up trend from 1.1409 (2020 low) has completed at 1.4248. Decline from 1.4248 could still be a corrective move, or it could be the start of a long term down trend. In either case, deeper decline would be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.
