Daily Pivots: (S1) 1.2096; (P) 1.2152; (R1) 1.2203; More…
GBP/USD is still staying above 1.2062 minor support despite today’s dip. Intraday bias stays neutral first. On the downside, firm break of 1.2062 minor support will argue that the rebound from 1.1759 is over, and turn bias back to the downside for retesting 1.1759 low. On the upside, above 1.2292 will resume the rebound to 1.2405 resistance.
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 1.2666 resistance holds. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.2957).
