Daily Pivots: (S1) 1.3173; (P) 1.3264; (R1) 1.3325; More…
GBP/USD’s fall form 1.3748 is still in progress and intraday bias remains on the downside for 1.3158 support first. Firm break there will carry larger bearish implications. Next target is 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074. For now, outlook will stay bearish as long as 1.3416 resistance holds, in case of recovery.
In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, up trend from 1.1409 (2020 low) is still in progress. On resumption, next target will be 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Nevertheless sustained break of 1.3164 will argue that whole rise from 1.1409 has completed and bring deeper fall to 61.8% retracement at 1.2493.
