Daily Pivots: (S1) 1.2097; (P) 1.2139; (R1) 1.2212; More….
Intraday bias in GBP/USD remains neutral as consolidation fro 1.2014 is extending. Outlook stays bearish with 1.2209 resistance intact. On the downside, break of 1.2014 will resume recent fall to 1.1946 low first. Firm break there will target 100% projection of 1.4376 to 1.2391 from 1.3381 at 1.1396. On the upside, break of 1.2209 resistance will suggest short term bottoming. In this case, strong rebound would be seen back to 55 day EMA (now at 1.2396).
In the bigger picture, down trend from 1.4376 (2018 high) is extending towards 1.1946 low. We’d be cautious on bottoming there. But decisive break will resume down trend from 2.1161 (2007 high) to 61.8% projection of 1.7190 to 1.1946 from 1.4376 at 1.1135. In any case, medium term outlook will stay bearish as long as 1.3381 resistance holds, in case of strong rebound.
