Daily Pivots: (S1) 1.3118; (P) 1.3154; (R1) 1.3219; More…
Intraday bias in GBP/USD stays neutral for consolidation above 1.3080 temporary low. Upside of recovery should be limited by 1.3270 support turned resistance. On the downside, sustained break of 61.8% projection of 1.4248 to 1.3158 from 1.3748 at 1.3074 will extend the down trend from 1.4248 to 100% projection at 1.2658. However, strong break of 1.3270 should indicate short term bottoming and bring stronger rebound.
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.
