Daily Pivots: (S1) 1.3054; (P) 1.3152; (R1) 1.3201; More…
Intraday bias in GBP/USD remains on the downside at this point. Current down trend from 1.4248 is still in progress. Firm break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will target 100% projection at 1.2658. On the upside, break of 1.3270 support turned resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, current development suggests that the up trend from 1.1409 (2020 low) has completed at 1.4248. Decline from 1.4248 could still be a corrective move, or it could be the start of a long term down trend. In either case, deeper decline would now be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.
