Daily Pivots: (S1) 1.2099; (P) 1.2185; (R1) 1.2246; More…
A temporary low is in place at 1.2106 and intraday bias in GBP/USD is turned neutral first. Upside of recovery should be limited below 1.2432 resistance and bring another decline. As noted before, corrective rise from 1.1946 has completed at 1.2774 and larger down trend is possibly resuming. This is supported by the rejection from 55 day EMA. Below 1.2106 will target 1.1946 support. Break there will confirm this bearish case.
In the bigger picture, fall from 1.7190 is seen as part of the down trend from 2.1161. There is no sign of medium term bottoming yet. Sustained trading below 61.8% projection of 2.1161 to 1.3503 from 1.7190 at 1.2457 will target 100% projection at 0.9532. Overall, break of 1.3444 resistance is needed to confirm medium term bottoming. Otherwise, outlook will remain bearish.
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