Daily Pivots: (S1) 1.2242; (P) 1.2380; (R1) 1.2459; More…
Intraday bias in GBP/USD remains on the downside for retesting 1.2154 low. Firm break there will resume larger down trend. Next target is 61.8% projection of 1.3297 to 1.2154 from 1.2666 at 1.1960. On the upside, above 1.2429 minor resistance will delay the bearish case, and turn intraday bias neutral first.
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.
