Daily Pivots: (S1) 1.2011; (P) 1.2070; (R1) 1.2102; More…
GBP/USD’s decline accelerated to as low as 1.1449 so far and there is no sign of bottoming yet. Intraday bias remains on the downside at this point. Sustained break of 261.8% projection of 1.3514 to 1.2905 from 1.3200 at 1.1606 will pave the way to 461.8% projection at 1.0388. On the upside, break of 1.2129 resistance is needed to indicate short term bottoming. Otherwise, outlook stays bearish in case of recovery.
In the bigger picture, down trend from 2.1161 (2007 high) has just resumed and . Next medium term target will be 61.8% projection of 1.7190 to 1.1946 from 1.3514 at 1.0273. In any case, outlook will remain bearish as long as 1.3514 resistance holds, in case of strong rebound.
