Daily Pivots: (S1) 1.1876; (P) 1.1978; (R1) 1.2033; More…
Intraday bias in GBP/USD stays on the downside as fall from 1.2292 is in progress for retesting 1.1759 support. Firm break there will resume larger down trend Next target is 1.1409 low. On the upside, above 1.2078 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.2292 resistance holds.
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 1.2897).
