Daily Pivots: (S1) 1.2392; (P) 1.2481; (R1) 1.2549; More…
A temporary low is formed at 1.2410 with current recovery. Intraday bias in GBP/USD is turned neutral for some consolidations first. Upside of recovery should be limited below 1.2999 support turned resistance to bring another fall. On the downside, break of 1.2410 will target 161.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2258.
In the bigger picture, rise from 1.1409 (2020 low) has completed at 1.4248, ahead of 1.4376 long term resistance (2018 high). Based on current momentum, fall from 1.4248 is probably the start of a long term down trend. The break of 61.8% retracement of 2.1161 to 1.1409 at 1.2493 is affirming this bearish case too. For now, deeper decline would be seen as long as 1.3158 support turned resistance holds. Next target is 1.1409 low.
