Daily Pivots: (S1) 1.1003; (P) 1.1073; (R1) 1.1127; More…
Break of 1.1023 minor support argues that GBP/USD’s rebound from 1.0351 has completed at 1.1494. Intraday bias is back on the downside for retesting 1.0351 low. For now, risk will stay on the downside as long as 1.1494 resistance holds, in case of recovery.
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.
