Daily Pivots: (S1) 1.1926; (P) 1.1965; (R1) 1.2040; More…
Intraday bias in GBP/USD stays neutral as range trading continues. On the downside, break of 1.1759 low will resume larger down trend. Next target is 100% projection of 1.2666 to 1.1932 from 1.2405 at 1.1671. On the upside, firm break of 1.2055 minor resistance will confirm short term bottoming at 1.1759. Bias will be turned back to the upside for 1.2405 resistance next.
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).
