Daily Pivots: (S1) 1.1726; (P) 1.1782; (R1) 1.1822; More…
GBP/USD’s break of 1.1759 support confirms resumption of larger down trend. Intraday bias stays on the downside. Next target is 1.1409 long term support. On the upside, above 1.1835 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited well below 1.2292 resistance to bring another decline.
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 1.2292 resistance holds. Next target is 1.1409 low. However, firm break of 1.2292 will bring stronger rise back to 55 week EMA (now at 1.2859).
