Daily Pivots: (S1) 1.2993; (P) 1.3025; (R1) 1.3061; More…
Intraday bias in GBP/USD is turned neutral as it turns into consolidation after hitting 1.2981. Outlook will stay bearish as long as 1.3165 resistance holds. Break of 1.2981 will resume larger down trend to 61.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2900.
In the bigger picture, rise 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 confirm completion of the fall from 1.4248, or outlook will stay bearish.
