Daily Pivots: (S1) 1.1474; (P) 1.1541; (R1) 1.1588; More…
GBP/USD down trend resumed after brief recovery and intraday bias is back on the downside. Firm break of 1.1409 long term support will pave the way to 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next. On the upside, however, break of 1.1608 minor resistance should now indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) is probably resuming long term down trend from 2.1161 (2007 high). Sustained break of 1.1409 will target 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as 1.2292 resistance holds.
