Daily Pivots: (S1) 1.1976; (P) 1.2032; (R1) 1.2102; More…
Intraday bias in GBP/USD remains mildly on the upside as rebound from 1.1759 is in progress. Further rise would be seen to 55 day EMA (now at 1.2243). Sustained trading above there will pave the way to 1.2405 resistance and above. On the downside, below 1.1888 minor support will bring retest of 1.1759 low instead.
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 1.2986).
