Daily Pivots: (S1) 1.3088; (P) 1.3150; (R1) 1.3211; More…
Intraday bias in GBP/USD remains neutral at this point. With 1.3210 minor resistance intact, further decline is still in favor. On the downside, break of 1.2999 will resume larger down trend from 1.4248. However, on the upside, firm break of 1.3210 minor resistance should confirm short term bottoming at 1.2999. Intraday bias will be back to the upside for 55 day EMA (now at 1.3368).
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 be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, break of 1.3748 resistance is needed to indicate medium term bottoming, or outlook will stay bearish.
