Daily Pivots: (S1) 1.2118; (P) 1.2153; (R1) 1.2215; More…
Range trading continues in GBP/USD and intraday bias remains neutral. Further fall is in favor as long as 1.2331 minor resistance holds. Firm break of 1.1932 will resume larger down trend from 1.4248. On the upside, above 1.2331 will resume the rebound from 1.1932 to 1.2666 resistance. Firm break there will indicate medium term bottoming.
In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2666 resistance holds. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.3140).
