Daily Pivots: (S1) 1.1824; (P) 1.1850; (R1) 1.1894; More…
Intraday bias in GBP/USD remains neutral for the moment and consolidation from 1.1759 could extend further. Deeper decline is still expected with 1.2055 minor resistance intact. Below 1.1759 will resume recent down trend to 100% projection of 1.2666 to 1.1932 from 1.2405 at 1.1671. Break there will target 1.1409 long term support. Nevertheless, break of 1.2055 will turn bias to the upside for stronger rebound.
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 1.3065).
