Daily Pivots: (S1) 1.1488; (P) 1.1558; (R1) 1.1616; More…
Intraday bias in GBP/USD stays on the downside at this point. Current fall should target 1.1409 long term support. Firm break there will pave the way to 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next. But outlook will stay bearish as long as 1.2292 resistance holds, in case of recovery.
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 1.2292 resistance holds. Next target is 1.1409 low. However, firm break of 1.2292 will bring stronger rise back to 55 week EMA (now at 1.2859).
