Daily Pivots: (S1) 1.1449; (P) 1.1494; (R1) 1.1583; More…
GBP/USD recovered after hitting 1.1409 long term support, and intraday bias is turned neutral first. Further decline is in favor as long as 1.1608 minor resistance holds. Firm break of 1.1409 will resume larger down trend to 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next. Considering bullish convergence condition in 4 hour MACD, break of 1.1608 will indicate short term bottoming, and turn bias back to the upside for 55 day EMA (now at 1.1956).
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.
