Daily Pivots: (S1) 1.0971; (P) 1.1052; (R1) 1.1181; More…
GBP/USD continues to lose downside momentum but further fall is still in favor with 1.1178 minor resistance intact. Fall from 1.1494 would target 1.0351 low. However, break of 1.1178 will turn bias back to the upside for 1.1494 resistance instead.
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.
