Daily Pivots: (S1) 1.0648; (P) 1.0782; (R1) 1.1023; More…
Intraday bias in GBP/USD remains neutral as consolidation from 1.0351 continues. While stronger recovery cannot be ruled out, upside should be limited by 4 hour 55 EMA (now at 1.1035). On the downside, break of 1.0351 will resume larger down trend towards parity next.
In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.
