GBP/USD Daily Analysis
Intraday bias in GBP/USD remains on the downside at this point. The current downtrend should target a 161.8% projection of 1.3641 to 1.2999 from 1.3297 at 1.2258. On the upside, above 1.2601 minor resistance will turn intraday bias neutral and bring consolidation first. The upside of recovery should be limited below 1.2999 support turned resistance to bring another fall.
In the bigger picture, the rise from 1.1409 (2020 low) has completed at 1.4248, ahead of 1.4376 long-term resistance (2018 high). The decline from 1.4248 could still be a corrective move, or it could be the start of a long-term downtrend. In either case, a deeper decline would be seen back to 61.8% retracement of 2.1161 to 1.1409 at 1.2493. In any case, the break of 1.3158 support turned resistance is needed to be the first sign of medium-term bottoming. Otherwise, the outlook will stay bearish in case of a rebound.
