Daily Pivots: (S1) 1.2051; (P) 1.2188; (R1) 1.2269; More…
Intraday bias in GBP/USD remains on the downside at this point. Break of 1.2154 confirms down trend resumption. Next target is Next target is 61.8% projection of 1.3297 to 1.2154 from 1.2666 at 1.1960. Break there will target 100% projection at 1.1523 next. On the upside, above 1.2310 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
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 1.2666 resistance holds. On resumption, next target is 1.1409 low.
