Daily Pivots: (S1) 1.2567; (P) 1.2594; (R1) 1.2636; More…
GBP/USD’s rise from 1.2154 is still in progress and intraday bias remains on the upside for 55 day EMA (now at 1.2756). Sustained break there will target 1.2999 support turned resistance. On the downside, though, break of 1.2480 minor support will turn bias back to the downside for retesting 1.2154 low instead.
In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2999 support turned resistance holds. On resumption, next target is 1.1409 low.
