Daily Pivots: (S1) 1.0889; (P) 1.1035; (R1) 1.1116; More…
Intraday bias in GBP/USD remains mildly on the downside with 1.1178 minor resistance intact. Deeper fall would be seen to retest 1.0351 low. On the upside, above 1.1178 minor resistance will turn intraday bias neutral again. But near term risk will stay on the downside as long as 1.1494 resistance holds, in case of recovery.
In the bigger picture, fall from 1.4248 (2018 high) is resuming long term down trend from 2.1161 (2007 high). Next target is 100% projection of 2.1161 to 1.3503 from 1.7190 at 0.9532. There is no scope of a medium term rebound as long as 1.1759 support turned resistance holds.
