Daily Pivots: (S1) 1.1765; (P) 1.1858; (R1) 1.1924; More…
GBP/USD’s fall from 1.2292 is still in progress and intraday bias stays on the downside for retesting 1.1759 low. Firm break there will resume larger down trend to 1.1409 long term support. On the upside, above 1.1924 minor resistance will delay the bearish case and turn intraday bias neutral first. But outlook will remain bearish 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 1.2292 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).
