Daily Pivots: (S1) 1.2057; (P) 1.2121; (R1) 1.2222; More…
GBP/USD’s rise resumed 1.1759 short term bottom resumed after brief retreat. Intraday bias is back on the upside for 1.2405 resistance. Firm break there will target 1.2666 key resistance next. On the downside, break of 1.1962 minor support will turn bias back to the downside for retesting 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).
